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