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Business

Target Will Buy Back Up To $5B In Shares

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(credit: Justin Sullivan/Getty Images)

(credit: Justin Sullivan/Getty Images)

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MINNEAPOLIS (AP) — Discount chain Target Corp. says it will buy back up to another $5 billion in shares under a new stock repurchase program.

The retailer’s current $10 billion program is expected to be completed within the next few months.

The new $5 billion program is expected to be completed in the next two to three years.

Share buybacks allow a company to invest in itself and create added demand for its shares. That enables a company to increase its stock price if it doesn’t think the stock is trading at a fair value.

Its shares were up 66 cents, or 1.4 percent, to $49.69 in premarket trading Thursday after the disclosure.

(© Copyright 2012 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

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