Easy check to see whether it's the OBJs: File > Import > Wavefront OBJ with your original purse OBJ; File > Import > Wavefront OBJ with your morphed purse OBJ (using exactly the same import options*). Does everything line up ?

If so, then selecting the original purse, doing 'Load Morph Target' and selecting the morphed purse OBJ again should work,and you can then save it as a PP2.

But if you save the original purse as a PP2 and reload it before loading the morph target I find odd things sometimes happen if I haven't zeroed the correct things in the PP2.Maybe that's what you're seeing ?

(*I always model in Blender at 10 times Poser scale, and scale down to 10% (wrt cursor, which I make sure is reset to the origin) for export, and then import into Poser with all checkboxes unchecked.)

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The 3Dcheapskate (also available in DAZ and HiveWire3D flavours) occasionally posts sensible stuff. Usually by accident.
And it usually uses Poser 11, with units set to inches. Except when it's using Poser 6 or PP2014, or when its units are set to PNU.