TJX initiated with an Overweight at Piper Sandler

Piper Sandler analyst Edward Yruma initiated coverage of TJX with an Overweight rating and $110 price target. The off-price channel has both near-and long-term secular trends that make it one of the most attractive sectors in apparel retail, the analyst tells investors in a research note. TJX’s focus on an upper-middle income consumer gives it an advantage relative to peers, says the firm. Piper believes TJX’s execution here has remained “consistently strong” and the company has an opportunity to benefit in the second half of 2023 as industry promotions normalize.