UPDATE: Sterne Agee Reiterates On TJX Companies Following In-line Q3, Lowered Q4 Guidance

In a report published Wednesday, Sterne Agee analyst Ike Boruchow reiterated a Neutral rating on

, and raised the price target from $58.00 to $60.00. In the report, Sterne Agee noted, “TJX delivered an inline Q3 print - with comps varying by concept (HomeGoods beats, Europe misses, MarMaxx in line). Q4 guidance was tweaked lower (largely due to FX pressure), although management noted a solid start to the quarter in both the US and overseas. All in, TJX remains a safe haven in a volatile retail space, but at 18x 2015E numbers it isn't exactly a bargain either. Stay sidelined.” The TJX Companies closed on Tuesday at $61.64.