Target is raising minimum wage to $12

PORTLAND (KATU/CNN) - Target is raising its minimum wage again.

The company said this spring, the pay will increase from a minimum of eleven-dollars-an-hour to 12-dollars-an-hour.

Shares of target fell five percent in late trading on Tuesday following the announcement.

Investors are often concerned about the higher costs pay raises can bring.

Target's earnings also fell below market expectations.

Target raised its minimum wage last Sept. and promised to increase it to $15 an hour by 2020.

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