UPDATE: Morgan Stanley Reiterates Overweight Rating, Raises PT on Target Corporation Following Management Presentation

In a report published Wednesday, Morgan Stanley analyst Mark Wiltamuth reiterated an Overweight rating on Target Corporation

, and raised the price target from $69.00 to $75.00. In the report, Wiltamuth noted, “Yesterday's presentation by Tony Fisher, Target Canada President, affirmed that the Canada rollout is on track to hit 124 stores in its first year (prompting us to raise from our more cautious assumption of 75). Enthusiasm over the Canada openings could keep shares moving near-term. We see a robust 2014 (EPS up 23%) as Canada profitability kicks in: We estimate that Target Canada could be approaching run-rate break-even by 4Q13 and solidly profitable in 2014 (we estimate $0.31 in EPS). We believe this shift from -$0.45 of EPS drag in 2013 to profit drives outsized EPS growth for Target in 2014.” Target Corporation closed on Tuesday at $68.61.