TJX Soars 7.46% to Record High on Analyst Upgrade
1min read The TJX Companies, Inc. (TJX) surged to a record high today, with an intraday gain of 7.46%.
Analysts have shown increased confidence in TJX, with Citi analyst Paul Lejuez upgrading the stock to "Buy" from "Hold" and raising the price target from $128 to $140. This upgrade reflects a positive outlook for the company, which is likely to have influenced the recent stock price movement.
TJX is also seen as potentially benefiting from tariffs due to supply chain disruptions. Jessica Inskip, Director of Investor Research, noted that TJX's excess inventories might serve as a positive catalyst for their Q1 financial results, indicating a short-term advantage for the company.
Additionally, TJX recently announced an increase in its quarterly dividend to $0.425, marking the 28th time in 29 years the company has raised its dividend. This consistent dividend growth may positively influence investor sentiment, contributing to the overall bullish outlook for the stock.
Despite being relatively unchanged over the last three months, TJX shares have gained 3.5% in the last month. Analysts view TJX as a resilient option against economic downturns and tariffs, supporting a bullish short-term outlook for the company.
