Baird analyst Peter Benedict reiterated an Outperform rating, Fresh Pick designation and $90 price target on Target following the company's "high quality" Q1 beat, as stronger comps and firmer gross margin drove roughly 6% EBIT and about 7% EPS upside. Benedict tells investors in a research note that Target's results reinforce his view that Target's relevance with consumers is rising and efforts to restore positive operating profit growth are gaining traction. With shares at about 12x EPS, prospects for meaningful multiple expansion remain good, he adds.