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Wednesday A.M. Report

Target’s profit surges in Q1, Pohlads give $2M to University of Minnesota athletics, feds reportedly raid developer Ned Abdul’s home and office, and Polaris launches two new Breeze models.

Target’s profit surges in Q1: Target Corp. today reported its profit rose by nearly 30 in the first quarter, citing strong sales of clothing and other discretionary items. The Minneapolis-based retailer reported first-quarter earnings of $671 million, up from $522 million in the same quarter a year ago. Earnings per share increased to a record high of 90 cents, up 30 percent from 69 cents a year ago. Read full story

Pohlads give $2 million to University of Minnesota athletics: The Pohlad Family Foundation has donated $2 million to the University of Minnesota’s Athletics department to help fund renovations of the baseball field at the school. The Pohlad family owns the Minnesota Twins. The money will be put toward a planned $7.5 million renovation and paired with $3.5 million that the University has already raised. Read full story

Reports: Feds raided developer Ned Abdul’s home and office: Federal agents on Tuesday raided Minneapolis real estate developer Ned Abdul’s home and office, according to media reports. Agents from the U.S. Postal Inspection Office and the Internal Revenue Service carried boxes from the offices of Swervo Development Corp., in the Butler North building, according to a report in the Star Tribune. No charges have been filed, according to reports. Read full story

Polaris launches two new Breeze models: Polaris Industries Inc. has added two new models of Breeze electric vehicles to the one model it launched last fall. One of the entries is a new street-legal electric powered neighborhood vehicle called the Polaris Breeze SL. The other is a new two-passenger larger version of the original Breeze. Read full story