JPMorgan analyst Christopher Horvers upgraded BJ‘s Wholesale to Neutral from Underweight with a price target of $78, up from $76. The analyst expects modest reflation in grocery and says the company is benefitting from its efforts to drive share by reinvesting in the business. The channel is seeing a lift from trade down in a “hyper-value seeking consumer environment,” the analyst tells investors in a research note. Moreover, the firm says BJ’s guide down to fiscal 2024 guidance is “likely a bit conservative.”
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