UPDATE: Deutsche Bank Raises PT on Target Corporation on Long-Range Financial Plan

In a report published Monday, Deutsche Bank reiterated its Buy rating on Target Corporation TGT, and raised its price target from $66.00 to $74.00. Deutsche Bank noted, “While 4Q results were slightly messy and FY13 EPS guidance was equally difficult to understand, one thing that's clear to us is that TGT remains well on track to achieve its LT goal for $8.00 in EPS by 2017 or before. Along these lines, we're modeling $5.50 and $0.20 in U.S. and Canada EPS in FY14, resp., with share repurchases and debt repayment acting as the catalysts (post sale of CC receivables) to potentially nudge earnings closer to $6 next year. In our view, the stock is meaningfully undervalued, as investors should look past the current investment phase in Canada and focus on strong underlying earnings growth. We are raising our PT to $74 on 13x FY14's $5.70 in EPS. Buy.” Target Corporation closed on Friday at $64.13.