Contrary to Target pointing to a profit inflection in 2019, Morgan Stanley analyst Simeon Gutman believes the company is closer to an inflection, but not there yet. He thinks gross margin savings from e-commerce fulfillment will underwhelm and cost leverage will not offset higher near-term expenses than the market may be prepared for. While he sees a more tangible bull case emerging around Target's ability to drive strong top-line growth through effective merchandising and drive cost efficiencies, he maintains an Underweight rating on the shares. However, Gutman raised his price target on the retailer's stock to $67 from $60 in the wake of the company's financial community meeting.