UBS Remains Bullish as TJX Cos. (TJX) Reports 3Q Results
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UBS reiterated a Buy rating and $81.00 price target on The TJX Companies (NYSE: TJX) following the company's 3Q earnings report. TJX withheld its customary commentary on current quarter trends, potentially signalling a slower start to 4Q. As the Euro and Pound weaken another -4%/-3%, UBS decided to trim 4Q EPS estimates to $1.03 from $1.06.
Analyst Michael Binetti commented, "TJX reported a strong 3Q beat, with +5% SSS (all traffic-driven) above our/Consensus +3.4%, and GMs +55bp YOY (driven by strong merchandise margins). Marmaxx SSS also increased +5% (driven by traffic)—with lower AURs YOY (making positive merch margins more impressive). Apparel sales were strong (retailers have seen mixed results in F3Q, with Macy’s apparel also strong while JCP commented apparel was weak)."
Shares of The TJX Companies closed at $73.49 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View
Related EntitiesUBS, Earnings
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