UPDATE: Miller Tabak Raises PT on The TJX Companies Following Raised 2013/2014 EPS Estimates

In a report published Wednesday, Miller Tabak analyst Susan R. Sansbury reiterated a Buy rating on

, and raised the price target from $55.00 to $59.00. In the report, Miller Tabak noted, “Our target price assumption assumes a forward P/E of about 18.5 times our 2014 EPS estimate, a premium to the mid-point of the historical range of 15.6 times, within a spread of ~12 to 20 times. In the short term, we think the premium is warranted as TJX continues to outperform the peer set from a merchandise, price/value, marketing and store expansion standpoint with the re-entry into the e-commerce space an incremental positive. We also note the company has exposure to the burgeoning off-price market in the U.K. and Europe -- something the competition lacks -- and is getting a housing-related tail wind from its Home Goods division.” The TJX Companies closed on Tuesday at $54.24.