TJX Companies Inc

TJX: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$39.00	Twnt	Prhppkqn

TJX Earnings: Marmaxx Drives Strong Sales as Value Orientation Draws Shoppers; Shares Rich

Zain Akbari

May 17, 2023

We do not plan to alter our $71 per share valuation of narrow-moat TJX significantly after it announced solid (April-ended) first-quarter fiscal 2024 earnings that indicate its value proposition is particularly resonant amid economic uncertainty. So, our long-term targets remain intact (mid-single-digit percentage sales growth and low-double-digit operating margins, on average). We suggest investors await a more attractive entry point.

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