TJX upgraded to Buy from Neutral at Citi

Citi upgraded TJX (TJX) to Buy from Neutral with a price target of $140, up from $128. Tariffs are likely to create “significant disruption” in the market, greatly increasing the availability of product available to the off-price retailers at attractive prices, the analyst tells investors in a research note. At the same time, a potentially weakening consumer environment will mean more consumers are likely to trade down to the off-price channel in search of value, contends Citi. The firm views off-price as “defensively positioned” in the near-term, but well positioned for continued growth in the long-term as other retailers “struggle and close stores.” Citi expects TJX to benefit from the attractive buying environment.