TJX Companies (TJX) Bullish Stance Reiterated at Stifel Followign Solid Q3

Stifel analyst Richard Jaffe reiterated a Buy rating and $85 price target on The TJX Companies (NYSE: TJX) following solid Q3 results.

Jaffe commented, "TJ Maxx reported 3Q EPS of $0.86 ($0.02 above consensus and $0.04 above our estimate) a 2% increase vs. $0.85 LY. 3Q EPS growth was negatively impacted by 7% due to foreign currency and transactional foreign exchange, by about 2% due to the company’s wage growth initiative and by 2% due to incremental investments. Excluding these items, EPS would have been approximately $0.96.

Solid results as positive customer response to the company’s great values, compelling brands and powerful marketing drove traffic, broad based strength (across categories and geographic regions), sales (comp sales increased 5% versus +2% LY) and merchandise margins.

Management has established 4Q guidance that is below consensus. However, the weaker than expected guidance is driven by FX pressure and a combination of investments in associates, growth and pension costs."

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 $65.65 yesterday.

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