TGT (Upgrade to Outperform) – Raising PT to $100 from $90. We’re raising FY18 eps estimates to $5.51 vs the Street’s $5.41 and guidance of $5.30- $5.50 and FY19 to $5.85 vs the Street’s $5.65. Our upgrade is based on: 1) improved value perception and a rebound in fill-in trips 2) quickly growing and highly customer rated digital fulfillment options 3) private label excellence creating long-term product and margin moats 4) idiosyncratic opportunities to gain market share in toys and kids 5) well positioned for holiday; and 6) increased confidence in likelihood of upward EPS revisions on comps momentum and improving margins. We note that TGT stock has run +31% year to date but we see potential for more upside driven by sustained digital growth which should be a catalyst for multiple expansion.
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