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Target is soaring after demolishing earnings

Bob Bryan
Target Black Friday

(Target)
Target is taking off on Wednesday after beating profit and revenue expectations for the third quarter.

The retailer posted adjusted earnings per share of $1.04, well above analysts expectations of $0.83 per share. Additionally, revenue came in at $16.44 billion against projections of $16.30 billion.

Net income was well above expectations at $600 million against the $472 million that Wall Street was expecting.

"We are very pleased with our third quarter financial results, which reflect meaningful improvement in our traffic and sales trends and much stronger-than-expected profitability," said CEO Brian Cornell.

Following the news, Target's stock had jumped 9.3% to $78.10 a share, up $6.66 a share from its closing price on Tuesday, as of 7:38 p.m. ET.

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