The profit target is a percentage of your starting balance that you must reach to pass an evaluation phase. It is measured on closed balance, and you must also meet the minimum profitable days.
Example: 2-Step $50,000, Phase 1 target 8%. You pass once your balance reaches $54,000 and you have 3 profitable days.
There is no time limit on any phase. Funded accounts have no profit target, except Catalyst, where each stage has one to unlock the payout and the next stage.