10:25 AM EDT, 05/22/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We raise our 12-month price target by $8 to $100, based on 23.0x our FY 26 EPS estimate and higher than the company's three-year average forward P/E multiple of 22.0x, reflecting our view TJX is benefiting from a deal-seeking U.S. consumer. We maintain our FY 25 and FY 26 EPS estimates of $4.10 and $4.35, respectively. TJX posted normalized Q1 EPS of $0.93 vs. $0.76, $0.06 above consensus estimates on revenues of $12.48B vs. $11.78B and $8M above estimates. By brand in Q1, Marmaxx comparable store sales increased 2% Y/Y, HomeGoods increased 4%, TJX Canada increased 4%, and TJX International increased 2%. Q1 adjusted gross margin expanded 110 bps Y/Y to 30.0% due to lower freight costs and lower markdowns. TJX raised its full-year pre-tax profit margin forecast to between 11.0% and 11.1% and increased its EPS guidance to $4.06 at the midpoint. We continue to think TJX is benefiting from multiple tailwinds and is deserving of its multiple; however, we also believe shares trade near fair value.