TD Cowen Reiterates Buy Rating on The TJX Companies (TJX)
TD Cowen analyst John Kernan reiterated a Buy rating and $120.00 price target on The TJX Companies (NYSE: TJX).
The analyst commented, "Data we tracked and stores we visited painted a more robust picture than Q1 comps +2% at Marmaxx as inventory remains on trend and buying environment is robust despite lower inventory levels in full price retail. The set ups for ROST and BURL into earnings likely have wider outcomes for comps and valuation/sentiment. We think gross margin tailwinds can continue to produce EPS upside to guidance."
"Our FY25E EPS moves to $4.15 from $4.12 on total comps of +3% with our Q2 EPS revising to $0.93 from $0.97 on comps of +3%. We think TJX's FY25 outlook remains fairly conservative even while it absorbs planned wage investments and the competitive environment for discretionary apparel spend, where upside to the comp range provides a potential leveraging effect on expenses at +3-4% comp and flow through to the bottom line."
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Shares of The TJX Companies closed at $101.12 yesterday.