Wedbush Raises Price Target on TJX Cos. (TJX) to $85 Following 3Q Report
Wedbush reiterated an Outperform rating on The TJX Companies (NYSE: TJX), and raised the price target to $85.00 (from $84.00), following the company's 3Q earnings report. TJX reported 3Q16 EPS of $0.91, $0.04 above consensus and guidance of $0.83-$0.85. TJX raised FY guidance to $3.46-$3.48 up from $3.39-$3.43. Management guided 4Q EPS to a range of $0.96-$0.98, below consensus of $1.02.
Analyst Morry Brown commented, "TJX continues to deliver, strong trends expected to continue into 4Q; off-price remains Amazon proof. 3Q results reinforce our positive long-term view that the off-price business model is one of the few in retail that can grow market share in an Amazon-dominated landscape. In the near term, trends for Holiday should remain strong, as the off-price market is seeing plenty of availability (based on comments from TJX, VFC and others) while department stores enter Holiday in a much improved position YOY. We believe this sets up a positive backdrop for 4Q. We expect ongoing SSS outperformance versus peers and continue to rate TJX OUTPERFORM."
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 $73.49 yesterday.