Target shares closed at a record high of $103, up 20% on the day. Its stock touched an intraday high of $103.38 at one point in the day, according to FactSet. Target set its previous intraday high of $90.39 on Sept. 10.
The move lifted Target's market value to $52.67 billion, up from $43.819 billion at the end of Tuesday's trading session.
Before Wednesday's opening bell, Target 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.