Nomura Securities Downgrades The TJX Companies (TJX) to Neutral; Valuation Call, Prefer JWN
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Price: $51.72 +0.72%
Rating Summary:
13 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Rating Summary:
13 Buy, 9 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 25 | New: 24
Trade TJX Now!
Nomura Securities downgraded The TJX Companies (NYSE: TJX) from Buy to Neutral with a price target of $47.00.
Analyst, Paul Lejuez, said, "It is within 5% of our TP, and it is hard to see what will drive 15% upside beyond that. We believe the key merits of the TJX story are now more fully appreciated by the market, making the risk/reward more balanced. On our F13 ests, the stock trades at a P/E of 15.4x (vs. its 3 yr avg of 14.4x) and 8.3x EBITDA (vs. its avg of 7.5x), and our ests are 4-5% above consensus. We believe additional multiple expansion is limited from here as expectations have risen with its strong performance."
...We also downgraded Ross Stores (Nasdaq: ROST) from Buy to Neutral. If we had to own one, we would own ROST, given more visible square footage growth, but overall we prefer Nordstrom (NYSE: JWN)."
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 $44.28 yesterday, with a 52 week range of $33.99-$69.01.
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Analyst, Paul Lejuez, said, "It is within 5% of our TP, and it is hard to see what will drive 15% upside beyond that. We believe the key merits of the TJX story are now more fully appreciated by the market, making the risk/reward more balanced. On our F13 ests, the stock trades at a P/E of 15.4x (vs. its 3 yr avg of 14.4x) and 8.3x EBITDA (vs. its avg of 7.5x), and our ests are 4-5% above consensus. We believe additional multiple expansion is limited from here as expectations have risen with its strong performance."
...We also downgraded Ross Stores (Nasdaq: ROST) from Buy to Neutral. If we had to own one, we would own ROST, given more visible square footage growth, but overall we prefer Nordstrom (NYSE: JWN)."
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 $44.28 yesterday, with a 52 week range of $33.99-$69.01.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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