Nomura Securities Reiterates Buy on TJX Cos. (TJX) Following 2Q Report
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Nomura Securities reiterated a Buy rating and $85.00 price target on The TJX Companies (NYSE: TJX) following the company's 2Q earnings report.
Nomura commented, "At 20.5x and with shares near all-time highs, we believe TJX's lighter guidance coupled with mgmt. highlighting FY18 expenses weighed on shares. With dept stores citing less bad results and brands talking about bringing inventory under control, we believe investors are questioning the multiple premium that has been granted to defensive shares. However, we note that TJX always guides below the Street and with mgmt. citing an abundance of supply concurrent with a rationalizing dept store channel, TJX could actually see a benefit on both sides, helped by AUR as well. With the LT story intact, we reiterate our Buy rating amid today's sell-off."
Shares of The TJX Companies closed at $77.97 yesterday.
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