Target estimates rise in 2nd-qtr comparable sales, higher profit

July 13 (Reuters) - Target Corp said on Thursday it expects a "modest" increase in comparable sales for the second quarter ended July, citing improved traffic and sales trends through the first two months of the quarter.

The retailer had previously forecast a low single digit decline in comparable sales.

Target also said it expects second-quarter profit to come in above its forecast range of $0.95 to $1.15 per share, also helped by the net tax effect of its global sourcing operations. (Reporting by Sruthi Ramakrishnan in Bengaluru; Editing by Sriraj Kalluvila)