TJX Analysts Increase Their Forecasts After Q3 Results
Portfolio Pulse from Lisa Levin
TJX Companies Inc reported Q3 FY24 sales growth of 9% year-on-year to $13.3 billion, surpassing estimates. EPS of $1.03 also beat expectations. However, the company issued a weaker Q4 profit forecast, with adjusted EPS expected between 97 cents and $1, down from the previous forecast. Following the earnings report, TJX shares dropped by 1.8%. Telsey Advisory Group and Morgan Stanley raised their price targets for TJX, maintaining positive ratings.
November 16, 2023 | 4:54 pm
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TJX Companies Inc beat Q3 FY24 sales and EPS estimates but lowered its Q4 profit forecast. Shares fell 1.8% following the announcement. Analysts from Telsey Advisory Group and Morgan Stanley raised their price targets, maintaining positive ratings.
The lowered Q4 profit forecast is likely to have a negative short-term impact on TJX's stock price, as evidenced by the initial 1.8% drop. However, the increased price targets from analysts could provide some upward pressure.
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