Now that we have first and second quarter results, we can add them together and get $3.35 for the first half of the year. If we subtract that $3.35 from the lower-end and upper-end of the full-year guidance, we get our new second half of the year range (third and fourth quarters combined) of $2.55 to $2.85. This gives us a midpoint of $2.70. Compare those numbers to post-first-quarter guidance.
Range $2.50 - $3.00
We see this raise or lower practically every day during earnings season. This particular case is extremely mild, and given the company's recent strong history, probably a non-story for Target in particular, but it is a concept worth noting. The use of the headline "raise guidance" or "lower guidance" needs investor scrutiny. The story, the real numbers about what's to come for earnings, are seldom in the headlines.