Citi Raises PT On BJ To $56

Citi has raised its price target from $52 to $56 on BJ's Wholesale Club BJ following the release of the company's 1Q11 results. Says Citi, in its report, “We were impressed with BJ's 1Q11 EPS beat, which was driven by better-than-expected expense control. We believe that expense management is a renewed priority for the company under CFO Robert Eddy, and we expect disciplined expense control ahead. BJ also raised its 2011 SSS and EPS guidance, as the company believes that it is benefiting from market share gains in an inflationary environment. We reiterate our Hold (2H) rating for BJ given the stock's valuation.” Citi maintains a Hold rating on the stock. BJ closed at $52.19 yesterday.