Stifel Reiterates Buy After TJX Cos. (TJX) Announces That Ernie Herrman will Become CEO

Stifel reiterated a Buy rating and $85.00 price target on The TJX Companies (NYSE: TJX) following the company's announcement that President Ernie Herrman will succeed CEO Carol Meyrowitz effective January 31. Carol Meyrowitz, current Chairman and CEO, will become Executive Chairman of the Board at the time of the CEO transition.

Analyst Richard Jaffe commented, "This morning, TJX announced that President Ernie Herrman will succeed CEO Carol Meyrowitz effective January 31, 2016. Mr. Herrman will also retain his current title as President of the Company. Carol Meyrowitz, current Chairman and CEO, will become Executive Chairman of the Board at the time of the CEO transition. We view the transition as a positive and are not surprised by the announcement as we have anticipated Ms. Meryrowitz’s departure as CEO. Throughout her tenure as CEO, Ms. Meyrowitz has established a strong and deep executive team, facilitating this transition."

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 $70.77 yesterday.

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