Nomura Securities Maintains a 'Neutral' on The TJX Companies (TJX); Review of 1Q Results
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Price: $152.11 -1.11%
Rating Summary:
37 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
37 Buy, 7 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Nomura Securities maintains a 'Neutral' on The TJX Companies (NYSE: TJX).
Nomura analyst, Paul Lejuez, said, "Despite sales upside in the qtr, the flow-through to the bottom line was weaker than anticipated. Marmaxx and HomeGoods continue to perform well but the int’l businesses (primarily TK in Europe) are a drag on results. Part of the bull case on the stock is a turnaround at TK but with little evidence of improvement, we are concerned TK will fall short of sales/profit targets for 2H11. We are increasing our F11E from $3.86 to $3.88 based on higher sales and margins than previously forecast. While not expensive, trading at 6.5x our F12E EBITDA, we prefer ROST within the off-price segment due to more visible EPS upside."
For more ratings news on The TJX Companies click here and for the rating history of The TJX Companies click here.
Shares of The TJX Companies closed at $52.06 yesterday.
Nomura analyst, Paul Lejuez, said, "Despite sales upside in the qtr, the flow-through to the bottom line was weaker than anticipated. Marmaxx and HomeGoods continue to perform well but the int’l businesses (primarily TK in Europe) are a drag on results. Part of the bull case on the stock is a turnaround at TK but with little evidence of improvement, we are concerned TK will fall short of sales/profit targets for 2H11. We are increasing our F11E from $3.86 to $3.88 based on higher sales and margins than previously forecast. While not expensive, trading at 6.5x our F12E EBITDA, we prefer ROST within the off-price segment due to more visible EPS upside."
For more ratings news on The TJX Companies click here and for the rating history of The TJX Companies click here.
Shares of The TJX Companies closed at $52.06 yesterday.
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