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TD Cowen expects strong holiday season for these off-price retailers, ups target price

Wed 13 Sep 23, 02:28 PM | Akanksha Vashisht

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Summary

Broker TD Cowen increased its price target on two retail firms, namely TJX Companies (NYSE: TJX) and Ross Stores (NASDAQ: ROST). Both these companies are off-price retailers, typically offering goods at discounted or low prices.

The broker picked these stocks for a price target increase as current data suggests that visitation rates to off-price retail have accelerated in August. The new price target represents an upside of 8.1% on TJX’s closing price and 15.7% on ROST’s closing price on Monday.

The broker also believes that off-price retailers are on track to obtain a strong position during the fall/holiday season. It also sees an upside in the guidance for both these retail companies.

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