The TJX Companies (NYSE:TJX) Upgraded to Buy at Zacks Investment Research

The TJX Companies (NYSE:TJX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Wednesday, Zacks.com reports. The firm currently has a $69.00 target price on the apparel and home fashions retailer’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 2.25% from the company’s previous close.

According to Zacks, “The TJX Companies' shares have underperfomed the industry in the past three months. The company has been bearing the brunt of pandemic-led store closures in Europe and Canada, which continued in the first quarter of fiscal 2022. Moreover, management continues to expect its performance to be adversely affected by such temporary store closures during the fiscal second quarter. Apart from this, the company is battling elevated pandemic-induced expenses. Nevertheless, The TJX Companies' fiscal first-quarter open-only comp store sales grew 16% from fiscal 2020 level. The company saw encouraging open-only comp store sales in overall apparel category as consumers are starting to return to normal activities. Well, The TJX Companies is benefiting from its solid store and e-commerce growth efforts. Also, its HomeGoods segment looks impressive.”

Several other research firms also recently commented on TJX. Wedbush reaffirmed a “neutral” rating on shares of The TJX Companies in a report on Tuesday, May 18th. Deutsche Bank Aktiengesellschaft raised their price objective on shares of The TJX Companies from $80.00 to $84.00 and gave the stock a “buy” rating in a report on Thursday, May 20th. Barclays raised their price objective on shares of The TJX Companies from $82.00 to $87.00 and gave the stock an “overweight” rating in a report on Thursday, May 20th. Wells Fargo & Company cut their price objective on shares of The TJX Companies from $84.00 to $75.00 and set an “overweight” rating for the company in a report on Tuesday, March 23rd. Finally, JPMorgan Chase & Co. raised their price objective on shares of The TJX Companies from $78.00 to $81.00 and gave the stock an “overweight” rating in a report on Monday, May 17th. Five equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the stock. The TJX Companies has a consensus rating of “Buy” and an average target price of $73.26.

The TJX Companies stock opened at $67.48 on Wednesday. The TJX Companies has a twelve month low of $50.06 and a twelve month high of $74.65. The company’s 50 day moving average is $67.07. The company has a market cap of $81.41 billion, a P/E ratio of 54.42, a P/E/G ratio of 2.40 and a beta of 0.98. The company has a quick ratio of 1.00, a current ratio of 1.52 and a debt-to-equity ratio of 0.87.

The TJX Companies (NYSE:TJX) last released its earnings results on Tuesday, May 18th. The apparel and home fashions retailer reported $0.44 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.31 by $0.13. The firm had revenue of $10.09 billion during the quarter, compared to the consensus estimate of $8.34 billion. The TJX Companies had a net margin of 4.00% and a return on equity of 32.30%. The company’s revenue was up 128.8% compared to the same quarter last year. During the same period in the prior year, the firm earned ($0.74) EPS. As a group, research analysts expect that The TJX Companies will post 2.58 earnings per share for the current fiscal year.

Several institutional investors have recently bought and sold shares of the company. BlackRock Inc. raised its position in shares of The TJX Companies by 0.3% during the 1st quarter. BlackRock Inc. now owns 87,173,041 shares of the apparel and home fashions retailer’s stock valued at $5,766,499,000 after buying an additional 248,877 shares in the last quarter. Bank of New York Mellon Corp raised its position in The TJX Companies by 0.4% in the 1st quarter. Bank of New York Mellon Corp now owns 31,597,190 shares of the apparel and home fashions retailer’s stock worth $2,090,153,000 after purchasing an additional 118,145 shares during the period. Price T Rowe Associates Inc. MD raised its position in The TJX Companies by 45.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 21,623,217 shares of the apparel and home fashions retailer’s stock worth $1,476,649,000 after purchasing an additional 6,706,718 shares during the period. Jennison Associates LLC raised its position in The TJX Companies by 33.8% in the 1st quarter. Jennison Associates LLC now owns 20,542,716 shares of the apparel and home fashions retailer’s stock worth $1,358,901,000 after purchasing an additional 5,190,532 shares during the period. Finally, Geode Capital Management LLC raised its position in The TJX Companies by 2.7% in the 1st quarter. Geode Capital Management LLC now owns 18,441,184 shares of the apparel and home fashions retailer’s stock worth $1,216,295,000 after purchasing an additional 479,849 shares during the period. Hedge funds and other institutional investors own 88.03% of the company’s stock.

About The TJX Companies

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 International. The Marmaxx segment sells family apparel including apparel, home fashions, and other merchandise. The HomeGoods segment offers assortment of home fashions, including furniture, rugs, lighting, soft home, decorative accessories, tabletop and cookware as well as expanded pet, kids, and gourmet food departments.

See Also: Debt-To-Equity Ratio

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Analyst Recommendations for The TJX Companies (NYSE:TJX)

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