Nomura Securities Maintains a 'Buy' on The TJX Companies (TJX); Adjusting Estimates

Nomura Securities maintains a 'Buy' on The TJX Companies (NYSE: TJX) price target of $60.00.

Nomura analyst, Paul Lejuez, said, "TJX issued a press release ahead of its 10/26 Investor Day that updated Oct/3Q guidance and addressed long-term growth. Although management expects October comps to be within the original +2-3% guidance range, the month was hurt by weather. Mgmt guided 3Q EPS to “solidly in the middle” of its prev guidance of $1.03-$1.07 vs cons of $1.07. We estimate at least ~$0.01-$0.02 of the revision was due to a higher tax rate. Mgmt plans to open 75-80 Marmaxx stores in F12, above our previous estimate of ~40-50. We are lowering our 3Q11E from $1.08 to $1.05 based on lower sales and higher tax rate than previously forecast. Our F11E is $4.03. We are raising our F12E from $4.34 to $4.50, based on higher sq ft growth forecasts."

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 $59.11 yesterday.

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