Morgan Stanley analyst Simeon Gutman raised his price target on Target to $107 after its "banner" Q2 results, suggesting that the company's initiatives around "curated merchandise and customer friendly fulfillment" is working. The analyst notes that his prior upgrade ahead of Q1 gave the company some recognition of its brand value growth and sales momentum, adding that Q2 results have put to rest his concerns about profit inflection in 2019. Gutman contends that Target is capturing market share in key categories, but also keeps his Equal Weight rating given the "balanced" risk reward at current price.