Costco and Target should emerge victorious as retailers navigate another tricky macro environment this holiday season, JPMorgan says. While the season will pale in comparison to 2021, Horvers anticipates a solid holiday period based on historical standards. Along with Target and Costco, JPMorgan views names like Ulta Beauty and food-focused companies including Walmart and BJ's Wholesale as other holiday-season winners. Auto parts dealers also make a solid defensive trade, Horvers wrote. Among the biggest losers this season, JPMorgan sees headwinds ahead for names like Best Buy , Bed Bath & Beyond and Wayfair .

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