UPDATE: Canaccord Genuity Downgrades The TJX Companies (TJX) to Hold; Growth is Slowing, Valuation is Stretched

(Updated - May 21, 2012 9:27 AM EDT)

Canaccord Genuity downgraded The TJX Companies (NYSE: TJX) from Buy to Hold with a price target of $45.00.

Analyst, Laura Champine, said, "We believe earnings momentum is starting to slow for Ross Stores (Nasdaq: ROST) and The TJX Companies. From Q1/09-Q3/11, both companies had beaten the high end of initial guidance by about 20%. Over the last two quarters, upside to guidance has averaged 7%-9%...We expect SSS growth to decelerate, and our full-year estimates for
ROST and TJX represent the slowest rates of growth for both companies since 2008. ROST and TJX benefited from ideal weather throughout much of Q1 which helped drive SSS increases above guidance."

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 $40.06 yesterday.

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