TJX price target raised to $122 from $113 at Morgan Stanley

Morgan Stanley raised the firm’s price target on TJX (TJX) to $122 from $113 and keeps an Overweight rating on the shares. The firm says top pick Bath & Body Works (BBWI), Gap (GPS) and TJX are its most preferred retail stocks following a scorecard analysis. TJX is the preferred off-price retailer and has room for further valuation expansion on its structurally higher profitability profile, the analyst tells investors in a research note.