Fly News Breaks for January 29, 2020
Jan 29, 2020 | 06:58 EDT
As previously reported, Gordon Haskett analyst Chuck Grom initiated coverage of TJX with a Hold rating and $66 price target. On the space more broadly, Grom anticipates that the market share shift from both department stores and retailers closing doors to the Off-Price Retail vertical will very likely continue over the next few years. In terms of TJX specifically, he thinks the valuation is the "most compelling of the Big-3" in Off-Price, but he also sees its pathway for earnings upside as "a bit more opaque." Additionally, the HomeGoods division has experienced some abnormal sales choppiness over the past year and it remains to be seen if the struggles are more structural or transitory, Grom added.
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