Guggenheim analyst Robert Drbul assigned a Buy rating to TJX Companies (NYSE: TJX) today and set a price target of $96. The company’s shares opened today at $87.45.
Drbul observed:
“We expect continued momentum throughout the remainder of ’18 and with a stronger retail environment, coupled with our positive view on the off-price sector, we raise our PT to $96 from $90. We believe a continuation of positive comp store sales at TJX’s largest division, Marmaxx, warrants a multiple more in-line with historical averages. Total sales increased 12% to ~$8.7bn, including a +3% consolidated comp. After a disappointing performance in 3Q17, TJX has now driven two straight quarters of stronger- than-expected comps. We believe today’s results continue to demonstrate the strength of TJX’s flexible, off-price business model as it appears the company has now rebounded from the three fashion misses in 3Q.”
According to TipRanks.com, Drbul is a 5-star analyst with an average return of 15.4% and a 79.1% success rate. Drbul covers the Services sector, focusing on stocks such as National Vision Holdings Inc, Lululemon Athletica Inc, and Ascena Retail Group.
Currently, the analyst consensus on TJX Companies is Strong Buy and the average price target is $92.58, representing a 5.9% upside.
In a report released today, J.P. Morgan also maintained a Buy rating on the stock.
See today’s analyst top recommended stocks >>
Based on TJX Companies’ latest earnings release for the quarter ending January 31, the company reported a quarterly net profit of $877 million. In comparison, last year the company had a net profit of $536 million.
Based on the recent corporate insider activity of 37 insiders, corporate insider sentiment is negative on the stock. Most recently, in March 2018, Scott Goldenberg, the SEVP, CFO of TJX sold 22,441 shares for a total of $1,867,764.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
The TJX Cos., Inc. engages in the retail of off-price apparel and home fashion products. It operates through the following segments: Marmaxx, HomeGoods, TJX Canada, and TJX Europe.
