TJX Companies (TJX) is competitively positioned to weather an economic slowdown, JPMorgan said Monday, underscoring the Club case for owning the off-price retailer.
JPMorgan analysts added TJX — whose brands include T.J Maxx, Marshalls and HomeGoods — to their "Analyst Focus List," while reiterating an overweight rating and a Dec. 2023 price target of $80 a share.
TJX stock, which is down about 13% year-to-date, was trading up more than 4% in midday trading Monday, at roughly $66.23 a share.
That's helped to insulate the retail operator from a recession, JPMorgan analysts argued, and should allow management to make good on its promise to expand merchandise margins within the next three years.
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