Target stock surged 7.46% on Tuesday, March 3, 2026, sending investors racing after CEO Michael Fiddelke unveiled a multi-year strategy to accelerate the retailer's return to growth. After a tough year of declining sales, this is the kind of momentum fans of the massive retailer have been waiting for.
Here's what caught Wall Street's attention: Target plans an incremental $2 billion in 2026—about $1 billion of additional capex and $1 billion of operating investments. The retailer expects total 2026 capital spending of approximately $5 billion, will open more than 30 new stores, complete over 130 full-store remodels, and mark its 2,000th store opening in March 2026. That's not just talk—it's real money hitting the ground.
Target reported quarterly results that topped earnings expectations and issued an annual outlook above Wall Street estimates. For the full fiscal year 2026, Target projected earnings between $7.50 and $8.50 per share, with the midpoint of that range coming in ahead of expectations. This upbeat guidance signaled a potential rebound after a period of weaker sales. Meanwhile, non-merchandise sales grew over 25%, membership revenue more than doubled, and marketplace grew over 30%—proof that digital and membership strategies are actually working.
The strategy includes plans to refresh the store experience across the chain, invest in store payroll and training to elevate the guest experience and strengthen key areas of the assortment. The message is clear: Target is up 21% since the beginning of the year, and at $121.58 per share, has set a new 52-week high. Fiddelke and his team are betting big that style, design, and value can win back customers in 2026—and so far, the market is buying it.