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Multiple-input multiple-output (MIMO) radar is a multistatic architecture composed of multiple transmitters and receivers, which seeks to exploit the spatial diversity of radar backscatter. In conjunction with centralized processing, MIMO radar has the potential to significantly improve radar functions such as detection and parameter estimation. MIMO radar is distinct from other types of array radars such as phased array or STAP, which process the signals of closely spaced elements and, hence, cannot capitalize on the spatial characteristics of targets. In this work, we explore the ability of MIMO radar and coherent processing to locate a target with high resolution and to resolve targets located in the same range cell. A distributed target model is developed. It is demonstrated that MIMO radar with centralized coherent processing is able to resolve scatterers with a range resolution well beyond that supported by the signal bandwidth. The location estimation capabilities are further illustrated by introducing a new two-dimensional ambiguity function. The analysis is discussed in the context of established results for randomly thinned arrays. The investigation of high resolution MIMO radar also includes comparison with the performance of non-coherent MIMO radar and the effect on performance of the number of sensors and their locations.