Goldman Sachs Reiterates Conviction Buy on TJX

Goldman Sachs is out with its report today on TJX TJX, reiterating its Conviction Buy. In its report, Goldman Sachs writes, "We reiterate our Conviction Buy with a $66 12-month price target or 22.5% upside. In today's choppy macro backdrop, TJX offers a compelling, asymmetric risk/reward where stock performance should benefit from both EPS and multiple expansion. With our FY11/FY12 EPS estimates of $4.00/$4.60 above consensus of $3.94/$4.40, we expect continuous beats driven by double-digit EPS growth to re-rate the stock back to its long-term 14X NTM P/E average versus 13X today." At the time of posting, shares of TJX were trading pre-market at $54.75, up 1.60% from Friday's close.