Deutsche Bank downgraded BJ‘s Wholesale to Hold from Buy with a price target of $71, down from $79. The analyst remains constructive on BJ’s model and the club space in general, but is moving to the sidelines as the firm sees limited earnings upside in 2024 versus consensus or the multiple to provide the next leg for the stock at current valuation. The firm is more cautious on sales given ongoing softness in discretionary categories and moderating inflationary tailwinds.
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