TJX Companies Inc

TJX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$36.00	Jvjb	Ctmmhfm

Strong Third Quarter for TJX, Despite Economic Headwinds, Shows Its Value Proposition Is Resonating

Zain Akbari

Nov 16, 2022

Our $64 per share valuation of narrow-moat TJX should rise by a mid-single-digit percentage (similar to the trading price’s reaction), reflecting strong third-quarter earnings and a time value of money-related adjustment. With consumers increasingly looking for value amid an unsettled economic landscape, we believe TJX is well positioned. Our long-term targets remain intact (mid-single-digit percentage sales growth and low-double-digit operating margins, on average), and we suggest investors await a more attractive entry point.

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