Morgan Stanley maintained an Overweight rating on Target TGT and raised its price target from $64 to $67.
Morgan Stanley wrote, “While comps downshifted from 4.3% in May to 2.1% in June, Target is still confident it can deliver 3% comps in 2H. It still sees the same tone from consumers; cautiousness in a weak economy, but willingness to spend when shown the right product and presentation. We view continued gains in REDCard and PFresh as important drivers to a 3% comp in 2H.”
Target closed at $61.25 on Thursday.
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