BofA lowered the firm’s price target on BJ‘s Wholesale to $80 from $85 and keeps a Buy rating on the shares following Q2 comp sales that the firm says “were driven entirely by traffic,” and membership trends remained “strong.” The firm expects BJ’s and other warehouse clubs to gain share in the current environment as consumers continue to adjust to higher prices, but is lowering the multiple it applies to its F24 EPS estimate given the longer time horizon and current macro uncertainty.
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