J.P. Morgan Tweaks TJX; PT Remains At $46

J.P. Morgan is slightly lowering its TJX Companies, Inc. TJX 2010/2011 EPS estimates to $3.38/$3.66 (from $3.40/$3.70). “Our Dec 2011 PT remains $46 and is based on a 12-13x multiple, a discount to the group, which seems reasonable as the execution issues at TKMaxx along with the company's peak margin profile (which could be set to begin eroding next quarter) may be overshadowing its historically stable operations and strong free cash flow generation,” J.P. Morgan writes. TJX Companies currently trades at $45.83.