UBS upgraded TJX to Buy from Neutral with a price target of $132, up from $104. The analyst believes off-price retailers like TJX will take more share from department stores than previously though. Not only can TJX continue opening stores in its core banners, but its newer businesses such as HomeSense and Sierra Trading Post “have big potential, as does its Europe operation,” the analyst tells investors in a research note. The firm says its new UBS Evidence Lab 2024 softlines survey data suggests potential e-commerce disruption “is not the existential threat we thought it was.”
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