TD Cowen raised its price target on The TJX Companies (NYSE:TJX) to $142 from $140 while reiterating a Buy rating, citing a favorable buying environment and growing confidence in earnings growth durability.

The firm believes the recent reduction in China tariff rates is a major tailwind for TJX, given its significant vendor exposure to the region. Combined with ongoing supply chain adjustments, the off-price retailer is well-positioned to capitalize on strong inventory availability heading into the second half of fiscal 2025.

Field checks indicate a supportive merchandising environment, particularly for TJX’s MarMaxx division, with potential upside to same-store sales in Q1.

TD Cowen sees shareholder returns increasingly driven by sustainable earnings per share growth rather than multiple expansion, and values the stock at 28x 2027 estimated EPS and 18x EV/EBITDA.