Target shares open at record high after reporting quarterly earnings

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Back-to-school shopping at a Target store in West Hollywood, California.

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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.

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