Citi downgrades TJX; Marmaxx shows low price is not immune

출처: Investing.com, 2026-08-20 07:47 AM

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Citi downgraded TJX to Neutral from Buy and lowered its price target to $154 from $182, calling Marmaxx's performance "weak and disappointing" in a note to clients Thursday. "The comp of Marmaxx in 2Q of +1% was weak and disappointing," contrasting with overall company comp growth of 4%.

Citi noted the company was trading on "expectations of flawless execution," but the performance gap suggests discount retailers face fashion risks similar to traditional retailers, highlighting that competitors like Macy's, Kohl's and Target have recently outperformed TJX on comparable sales metrics. At current valuations (17.1x and 15.9x estimated EBITDA for fiscal 2026-2027), risk/reward has become more balanced amid execution challenges.

Separately, Gordon Haskett also downgraded TJX to Hold from Buy Thursday with a $155 price target, noting the quarter represented the weakest comparable sales performance for Marmaxx in four years.