Why Target Shares Rose 11.5% in May

Shares of Target (NYSE: TGT) increased 11.5% in May, according to data provided by S&P Global Market Intelligence, as the stock continued to recover from earlier losses.

Target fell nearly 30% from the start of the year to its low point in March as the coronavirus outbreak deepened and shoppers reined in spending on discretionary items in favor of essentials. Though a decline in sales of higher-margin items like apparel as well as coronavirus-related costs weighed on first-quarter performance overall -- net earnings fell 64% -- investors appreciated the company's digital performance.

Image source: Getty Images.

Source Fool.com