Why Is Target Stock Trading Higher?

Target Corp TGT shares are trading higher Wednesday alongside several retailers amid overall market strength as stocks rebound from recent weakness. Target also announced leadership changes Wednesday morning.

Target CEO Brian Cornell reaffirmed his commitment to remain the company's chief executive for approximately 3 more years. Additionally, the company announced Arthur Valdez, executive vice president and chief supply chain and logistics officer, will retire from Target. He will be succeeded by Gretchen McCarthy, senior vice president of global inventory management, effective immediately.

"In discussions about the company's longer term plans, it was important to us as a board to assure our stakeholders that Brian intends to stay in his role beyond the traditional retirement age of 65. We enthusiastically support his commitment and his continued leadership, especially considering his track record and the company's strong financial performance during his tenure," said Monica Lozano, lead independent director of Target's board.

Cornell stated, "By taking care of our guests, our team, our communities and our shareholders, Target has added nearly $40 billion in annual revenue since I joined the company, and in many ways, we're just getting started."

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TGT Price Action: Target has a 52-week high of $254.87 and a 52-week low of $137.16.

The stock was up 4.48% at $170.91 Wednesday afternoon, according to Benzinga Pro.

Photo: Mike Mozart from Flickr.