Miller Tabak Raises Price Target on TJX Companies (TJX) Following Q3 Results

Miller Tabak is reaffirming its Buy rating on shares of The TJX Companies (NYSE: TJX) and is increasing its price target from $60 to $68.

The firm calls their new price target conservative as its still 11 percent below the mid-point of the 2003-2010 historical range.

The company reported strong third quarter results with earnings growth of 15 percent. Miller Tabak reports, "A sharply higher Canadian dollar in the final week of the quarter pulled down results by a penny a share, although the overall net forex impact was positive and amounted to $0.03."

Management at TJX Companies reiterating its Q4 and FY11 earnings guidance of $1.19-$1.23 and $3.93-$3.97. The firm is also maintaining its FY11 and FY12 estimates of $3.95 and $4.40.

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 $60.87 yesterday.

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