Nomura Securities Upgrades The TJX Companies (TJX) to Buy; Expect the Buying Environment to Remain Favorable
Tweet
Share
E-mailGet Alerts TJX Hot Sheet
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
Join SI Premium – FREE
Nomura Securities upgraded The TJX Companies (NYSE: TJX) from Neutral to Buy. PT increased from $50 to $60.
Nomura analyst, Paul Lejuez, says, "We are increasing our F11E EPS to $4.07 from $3.88 and F12E EPS to $4.50 from $4.17. Our new price target represents 15x our new F11E and 13x our F12E EPS, multiples still below the softlines group median of ~20x and 16x, respectively. We expect the buying environment to remain favorable for TJX given our belief there will be excess inventory available to the off-price channel, benefiting both comps and merchandise margins. We also see TJX well positioned given an uncertain macro environment as consumer search for value-priced alternatives and may trade-down to the off-price channel. While difficult to determine the timing, a turnaround of TK Maxx in Europe could again become a future growth vehicle, in our view."
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 $52.01 yesterday.
Nomura analyst, Paul Lejuez, says, "We are increasing our F11E EPS to $4.07 from $3.88 and F12E EPS to $4.50 from $4.17. Our new price target represents 15x our new F11E and 13x our F12E EPS, multiples still below the softlines group median of ~20x and 16x, respectively. We expect the buying environment to remain favorable for TJX given our belief there will be excess inventory available to the off-price channel, benefiting both comps and merchandise margins. We also see TJX well positioned given an uncertain macro environment as consumer search for value-priced alternatives and may trade-down to the off-price channel. While difficult to determine the timing, a turnaround of TK Maxx in Europe could again become a future growth vehicle, in our view."
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 $52.01 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
- Kepler Cheuvreux Upgrades Komax Holding AG (KOMN:SW) to Buy
- Keefe, Bruyette & Woods Upgrades Nayax (NYAX) to Outperform
Create E-mail Alert Related Categories
UpgradesRelated Entities
NomuraSign 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!
