UPDATE: Sterne Agee Initiates The TJX Companies at Buy on Positive Set-Up

In a report published Monday, Sterne Agee initiated coverage on The TJX Companies (NYSE: TJX) with a Buy rating and $50.00 price target.Sterne Agee noted, “While we acknowledge that macro pressures are currently impacting top-line results (at the same time margins are peaking and compares get tough), we still feel that the group is set up favorably from here, as: 1) the group has underperformed YTD (+2% vs. SPX +5%) and multiples have come down, 2) Street estimates have been reset lower (while most stocks are going up on bad news) as managements lay out conservative initial plans for 2013, 3) inventories are in solid shape, 4) this is seasonally the best time to own retail stocks (Mar/Apr best months historically) and 5) near-term weakness could potentially snap as refund checks hit the consumer's wallet and the weather potentially turns warmer (driving pent-up demand).”The TJX Companies closed on Friday at $44.98.