Wedbush Raises Price Target on TJX Cos. (TJX) to $85 Following 3Q Report
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Wedbush reiterated an Outperform rating on The TJX Companies (NYSE: TJX), and raised the price target to $85.00 (from $84.00), following the company's 3Q earnings report. TJX reported 3Q16 EPS of $0.91, $0.04 above consensus and guidance of $0.83-$0.85. TJX raised FY guidance to $3.46-$3.48 up from $3.39-$3.43. Management guided 4Q EPS to a range of $0.96-$0.98, below consensus of $1.02.
Analyst Morry Brown commented, "TJX continues to deliver, strong trends expected to continue into 4Q; off-price remains Amazon proof. 3Q results reinforce our positive long-term view that the off-price business model is one of the few in retail that can grow market share in an Amazon-dominated landscape. In the near term, trends for Holiday should remain strong, as the off-price market is seeing plenty of availability (based on comments from TJX, VFC and others) while department stores enter Holiday in a much improved position YOY. We believe this sets up a positive backdrop for 4Q. We expect ongoing SSS outperformance versus peers and continue to rate TJX OUTPERFORM."
Shares of The TJX Companies closed at $73.49 yesterday.
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