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Stock Alert: Q2 Results Takes Target To New 52-week High

Shares of Target Corp. (TGT) are higher by almost 10 percent or $13.32 in Wednesday's morning trade at $150.21, after earlier touching a new 52-week high of $150.89 as the retailer reported better-than-expected second-quarter results.

Wednesday, Target reported second-quarter net earnings of $1.69 billion or $3.35 per share, up from $0.94 billion or $1.82 per share in the year-ago period. Adjusted earnings were $3.38 per share, compared to $1.82 per share last year. The consensus estimate of analysts polled by Thomson Reuters was $1.62 per share. Analysts' estimates typically exclude special items.

Revenues grew 24.7 percent to $22.98 billion from $18.42 billion last year. The Street had a consensus revenue estimate of $20.09 billion. Total comparable sales jumped 24.3 percent, reflecting digital sales growth of 195 percent.

Target has traded in a range of $90.17 to $150.89 in the past 52 weeks.

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