Citi analyst Steven Zaccone upgraded BJ‘s Wholesale (BJ) to Buy from Neutral with a price target of $130, up from $115. President Trump’s reciprocal tariff announcement is worse than expected and “significantly changes” Citi’s view of the broadlines and hardlines sector, the analyst tells investors in a research note. The firm’s biggest concerns include rising recession risk probability and a slowdown in consumer spending. This is a “significant risk” for the big-ticket exposed retailers and achieving 2025 guidance, contends Citi. The firm upgraded BJ’s, viewing the company as a tariff and trade down relative winner. The company’s warehouse club business model should gain share as consumer search for value, according to the firm.
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