UPDATE: Bank of America Merrill Lynch Initiates TJX at Buy

Bank of America Merrill Lynch is out with its report today on TJX TJX, initiating TJX at Buy. In a note to clients, Bank of America Merrill Lynch writes, "We are initiating coverage on TJX Companies with a Buy rating and $68 price objective. TJX is an off-price retailer with stores in the US (TJ Maxx, Marshalls and HomeGoods), Europe and Canada. Solid execution in acquiring compelling inventory and selling it for a discount has enabled TJX to consistently grow comps despite economic challenges." Shares of TJX closed Monday at $55.33, down 1.53% from Friday's close.