Cowen Raises Price target on TJX Cos. (TJX) Following 2Q EPS Beat

Cowen reiterated an Outperform rating on The TJX Companies (NYSE: TJX), and raised the price target to $85.00 (from $80.00), following the company's 2Q16 earnings report. TJX reported EPS of $0.80, 4c above consensus. Revenues of $7.4B beat consensus estimate of $7.26B. TJX raised their EPS guidance for FY16 to now be in the range of $3.24 to $3.28 (vs. prior guidance of $3.21-$3.27) vs. Street $3.30.

Analyst Oliver Chen commented, "Cowen's sustained optimism on TJX biz model based on high barriers-to-entry incl: global sourcing, tri-brand marketing scale, share gains on value-driven ticket px, long-term store growth potential, & the best buying org. Strong 2Q underscored by traffic-led comp beat, merch margin strength, higher units, & lean inventories."

For an analyst ratings summary and ratings history on The TJX Companies click here. For more ratings news on The TJX Companies click here.

Shares of The TJX Companies closed at $76.78 yesterday.

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