In a note out Monday morning, Wedbush analyst Morry Brown upgraded TJX Companies Inc TJX from Neutral to Outperform and increased the price target from $63 to $68. He cited superior EPS deliverability in an increasingly uncertain retail environment as the impetus behind the upgrade.
He also stated that from a long-term perspective, he believes the off-price model of TJX operates on better competitive footing versus the more secularly-challenged specialty retailers. He also notes that FX exposure has been reduced to less than 1 percent on an earnings basis.
Shares of TJX were trading higher by 0.8 percent at $63.88.
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