Shares of TJX (NYSE:TJX) are up 24% YTD as the company continues to outperform expectations and capitalize on its brilliant business model that generates ongoing comp growth that propels growth in earnings. Consensus thinking from 2017 was that Amazon (NASDAQ:AMZN) was going to end the retail world, but the off-priced retailers like Ross (NASDAQ:ROST), Burlington (NYSE:BURL), and TJX have proved resilient.
In light of the run up in share price, I re-evaluated my position and view on the company. All told, many of the key arguments of my initial thesis remain true, and I believe there are a fewer signs that point to positive long-term fundamentals than I previously believed. On balance, these items have led me to increase my price target to $102, which is a touch below 21x my forecast for FY19 earnings.
