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Analysts assigned TJX a $110 price target, telling investors that while they are constructive on the sector long-term, “at 21.1x 2024E P/E TJX’s focus on an upper-middle income consumer gives it an advantage relative to ROST and BURL.”
ROST’s price target was set at $112, while the price target for BURL was set at $155 per share.
Overall, the analysts stated that “the off-price channel has both near-and long-term secular trends that make it one of the most attractive sectors in apparel retail.”
“We think that off-price channel appeals to our ‘Buy it now or never’ thematic that focuses on product scarcity and serves as a highly compelling demand driver,” they wrote.
“The excess inventory issues of 2022 will create both favorable pricing/margin compares (relative value should expand), as well as highly attractive inventory acquisition opportunities. Finally, our latest Teen Survey points to a significant shift to off-price shopping – up 500 bps y/y (to 13%).”
