Citi analyst Paul Lejuez downgraded TJX (TJX) to Neutral from Buy with a price target of $128, up from $110. The “TJX story is as good as ever and we see don’t see the momentum slowing anytime soon,” the analyst tells investors in a research note. However, the firm says the market seems to appreciate TJX for all its merits, as it trades at an all-time high and with a market capitalization similar to Nike (NKE) and 60% higher than Target (TGT), and a multiple higher than Walmart (WMT). As such, Citi believes TJX’s risk/reward is now more balanced, driving the downgrade to Neutral. The firm is making a valuation call as it believes the company’s backdrop remains very favorable.
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