SAN FRANCISCO, Aug. 18 /PRNewswire/ -- The following is being issued by
BancBoston Robertson Stephens, a member of the National Association of
Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens managing director and senior specialty
retailing analyst Janet Joseph Kloppenburg, a 1999 Wall Street Journal All-
Star Analyst, today raised estimates and reiterated her Buy rating on TJX
Companies (NYSE: TJX). The company, headquartered in Framingham, Mass., is one
of the country's leading off-price retailers.
"We are reiterating our Buy rating on TJX, following the company's
announcement of strong-second-quarter results," said Kloppenburg. "The company
reported a 44 percent increase in earnings-per-share to $0.36 versus
$0.25 last year and ahead of our $0.24 estimate.
"On its quarterly conference call, management gave guidance to a 4 percent
comp expectation for third-quarter 1999, above of our previous 3 percent
estimates," said Kloppenburg. "We are therefore raising our fiscal 1999 and
fiscal 2000 earnings-per-share estimates from $1.63 to $1.67 and from $1.89 to
$1.91, respectively.
"We recommend TJX as a core holding in the off-price retail sector, given
that the company has consistently outperformed consensus expectations and has
grown earnings in excess of 25 percent in each of the past 14 quarters," said
Kloppenburg.
Clients interested in receiving more information should contact their
salesperson at 415-781-9700.
BancBoston Robertson Stephens is a leading international investment
banking firm focused on growth companies. The firm's 55 equity and high yield
research analysts cover more than 600 companies. Additional information is
available upon request.
The information contained herein is not a complete analysis of every
material fact respecting any company, industry or security. Although opinions
and estimates expressed herein reflect the current judgment of BancBoston
Robertson Stephens, the information upon which such opinions and estimates are
based is not necessarily updated on a regular basis; when it is, the date of
the change in estimate will be noted. In addition, opinions and estimates are
subject to change without notice. This Report contains forward-looking
statements, which involve risks and uncertainties. Actual results may differ
significantly from the results described in the forward-looking statements.
Factors that might cause such a difference include, but are not limited to,
those discussed in "Investment Risks." BancBoston Robertson Stephens from time
to time performs corporate finance or other services for some companies
described herein and may occasionally possess material, nonpublic information
regarding such companies. This information is not used in the preparation of
the opinions and estimates herein. While the information contained in this
Report and the opinions contained herein are based on sources believed to be
reliable, BancBoston Robertson Stephens has not independently verified the
facts, assumptions and estimates contained in this Report. Accordingly, no
representation or warranty, expressed or implied, is made as to, and no
reliance should be placed on, the fairness, accuracy, completeness or
correctness of the information and opinions contained in this Report.
BancBoston Robertson Stephens, its managing directors, its affiliates, and/or
its employees may have an interest in the securities of the issue(s) described
and may make purchases or sales while this report is in circulation.
BancBoston Robertson Stephens International Ltd. is regulated by the
Securities and Futures Authority in the United Kingdom. This publication is
not meant for private customers. The securities discussed herein are not FDIC
insured, are not deposits or other obligations or guarantees of BankBoston
N.A., and are subject to investment risk, including possible loss of any
principal amount invested.
SOURCE BancBoston Robertson Stephens
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