Target Corporation (TGT) has looked cheap for a while, but investors have been waiting for real signs that the business is improving. Now, Morgan Stanley thinks that shift may finally be happening.

Morgan Stanley recently updated its outlook for the stock, noting that it now sees “a path to a credible improvement story,” supported by early improvements in traffic, merchandising, and execution.

On April 14, 2026, Morgan Stanley reiterated its Overweight rating and $145 price target, and spoke about Target in a noticeably more bullish tone. With the stock’s current price of about $124, the price target implies about 17% upside.

Additionally, Morgan Stanley said Target is evolving from a “pure optionality story” into a…