Why Target's Stock Is Trading Higher Today

Target Corp (NYSE: TGT) is trading higher Wednesday morning after the company reported better-than-expected earnings and revenue results.

What Happened: Target reported first-quarter earnings of $3.69 per share, which easily beat the estimate of $2.25 per share. The company reported quarterly revenue of $24.2 billion, which beat the estimate of $21.81 billion. The retailer announced it gained more than $1 billion in market share in the first quarter.

Related Link: Target: Q1 Earnings Insights

"Our performance in the first quarter was outstanding on every measure, and showcased the power of putting our stores at the center of our strategy. Store comp sales grew 18% in the quarter, even as they also fulfilled more than three quarters of Target's digital sales - including more than 90% growth of our same-day services," said Brian Cornell, chairman and CEO of Target.

Price Action: Target has traded as high as $217.39 and as low as $114.23 over a 52-week period.

At last check Wednesday, the stock was up 3.02% in premarket trading at $212.66.

Photo courtesy of Target.