Back-to-school shopping at a Target store in West Hollywood, California.
Joe Scarnici | Getty Images
Target shares opened at a record high on Wednesday after smashing Wall Street’s second-quarter earnings expectations and raising its full-year outlook.
Target set its previous intraday high of $90.39 on Sept. 10, 2018. Its shares opened Wednesday at $99.87 and briefly eclipsed $100 a share in the first few minutes of trading.
The move lifted Target’s market value to $51.07 billion, $7.3 billion higher than it closed Tuesday.
The retailer on Wednesday beat analysts polled by Refinitiv’s earnings and revenue expectations, saying its investments in same-day shipping and in-store pick up drew more customers.