3 Retail Stocks to Watch Today

All analysts covering J C Penney stock are bearish

by Emma Duncan

Published on May 22, 2019 at 3:18 PM

Markets are moving lower this afternoon, with retail stocks at the forefront of headlines. Three big names in the sector to watch today are TJX Companies Inc (NYSE:TJX), Nordstrom, Inc. (NYSE:JWN), and J C Penney Company Inc (NYSE:JCP). Below, we will dive into what is moving the shares of TJX, JWN, and JCP.

TJX Stock Sees Fresh Wave of Bull Notes

Just one day after reporting a first-quarter earnings beat and a 5% rise in comparable sales, TJX, has seen no fewer than three price-target hikes today alone. The most notable has come out of MKM Partners, a raise to $62 -- record-high territory for the shares. This type of move would also require the security to break above its $55 ceiling, one of the main roadblocks keeping it from surpassing its Oct. 1 record peak of $56.63. Regardless, TJX remains 15% higher year-to-date.

Overall, analysts were bullish coming into today, leaving today's attention far from a rarity for the TJ Maxx parent. Sixteen of the 22 brokerages sport "strong buy" ratings, with only one "sell" on the books. Plus, the average 12-month price target of $59.73 comes in at a 16% upside to current levels.

Nordstrom Stock Extends Downside After Earnings

JWN put traders were correct in expecting big downside following Nordstrom's quarterly report. Not only did the retailer cut its full-year forecast and profit, but it shared extremely disappointing first-quarter results after Tuesday's close. Nordstrom stock has now gapped 10% lower to trade at $34.99, earlier touching an eight-year low of $33.75.

Since the report, no fewer than seven analysts have lowered their outlook for JWN, with J.P. Morgan Securities and Wedbush the most grim, handing over $35 targets. Most analysts already had negative stances, with 13 of the 15 covering firms sporting a "hold," "sell," or "strong sell" recommendation coming into today. 

J C Penney Stock Sinks on Telsey Advisory Bear Note

Also one day off a disappointing earnings report is JCP, last seen trading down 5.6% at $1.01, after Telsey Advisory cut its price target by 25 cents to $1.25. Yesterday J C Penny shared same-store sales that came in below estimates, and in response is continuing its way south, a mere stone's throw from record-low territory. Bear notes are a familiarity for this underperforming retailer, with all 14 covering analysts sporting a tepid "hold" or worse rating.

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