Nomura Instinet lists reasons to buy TJX shares, ups target to $66
Nomura Instinet analyst Michael Baker says TJX yesterday "did not deviate from its track record of consistency," with its Q3 results beating consensus estimates. He raised his price target for the shares to $66 from $65 and reiterates a Buy rating on the name. The analyst sees four reasons to buy the stock, including the company being well positioned to capitalize on the growing surplus of quality inventory at the expense of department stores and its share gains beyond core domestic markets. Baker highlights the "recent positive inflection" within the company's international segment, which he thinks may signal that its "proven playbook is gaining traction overseas after several years of proving dilutive to margins."