Goldman Sachs upgraded BJ‘s Wholesale to Buy from Neutral with a price target of $87, up from $81. The analyst sees earnings upside driven by a better sales outlook with the return of volume growth in grocery. The firm believes BJ’s will benefit from solid inflation support along with greater customer engagement in general merchandise categories amid an improving consumer backdrop and the company’s assortment refresh. BJ is an attractive club model with a “compelling value proposition and long runway” for new club growth that should continue to gain market share over the long term, the analyst tells investors in a research note.
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