Target shares hit record highs after the retailer blows out earnings estimates

KEY POINTS

• Target opens at a record high and breaches $100 a share.
• Target shares closed at $103, up 20% on the day.
• Target set its previous intraday high of $90.39 on Sept. 10.

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

Joe Scarnici | Getty Images

Target shares traded at a record high on Wednesday after the retailer smashed Wall Street's second-quarter earnings expectations and raised its full-year outlook.

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.