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

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.

Its shares opened Wednesday at a record high $99.87 and eclipsed $100 a share. By midday, Target shares were trading at $101.94, up 19%. Target set its previous intraday high of $90.39 on Sept. 10.

The move lifted Target's market value to $52.1 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.

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