Stifel affirms its Buy rating and $72 target price on TJX Cos. (NYSE: TJX) following Q1 results issued earlier Tuesday.

Analyst Richard Jaffe commented that TJX reported below consensus 1Q EPS. 1Q EPS were $0.64, $0.03 below consensus, $0.02 below our estimate and $0.01 below the low-end of management’s guidance. EPS were up 3% versus $0.62 last year. Results were below management’s expectation, driven by below plan apparel sales and a greater negative impact from foreign currency exchange rates ($0.01 greater negative impact) than guidance assumed.

Jaffe said, We remain favorable regarding TJX’s long-term outlook and ability to grow its business internationally. This is based on the company’s flexible business model which allows TJX to flow the right merchandise in the right categories at the right time, driving strong sales and merchandise margins. We believe this highlights the ongoing resilience and competitive strength of the off-price business model and the strength of TJX as the largest and dominant player in the off-price market.

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Shares of The TJX Companies closed at $58.40 yesterday.