Wedbush Raises Price Target on TJX Cos. (TJX) to $85 Following 3Q Report
- Record-setting rally pushes on as S&P ends week up 3 percent
- Trump's Cohn Pick Most Bullish Sign Yet for Banks - Cowen
- Unusual 11 Mid-Day Movers: (IDXG) (INVN) (EBS) Higher; (SCON) (DTEA) (DLTH) Lower (more...)
- 21st Century Fox (FOXA) offers to acquire Sky for GBP10.75/share
- Coca Cola (KO) Announces James Quincey to Succeed Muhtar Kent as CEO; Kent to Continue as Chairman
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- MKM Partners Raises Price Target on Finisar (FNSR) to $43 Following 2Q
- UBS Cuts Price Target on Restoration Hardware (RH) to $34 Following 3Q
- Pivotal Research Upgrades Flowers Foods (FLO) to Hold
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!