TJX - Leading scale & consistent/strong execution in an attractive vertical; Initiate Buy/$175 PT

Research evidence excerpt

TJX - Leading scale & consistent/strong execution in an attractive vertical; Initiate Buy/$175 PT

, 2026) $147.43 fun (constantly turning inventory & brand access creates a treasure hunt experience that

52-Wk Range $165.00-$121.35 keeps people coming back). We've seen a lot of momentum for TikTok hauls at off-price

Market Cap ($M) $165,859 stores because the treasure hunt aspect offers creators the opportunity to post differentiated

ADTV 3,333,820 and engaging content on a regular basis (i.e. weekly check-ins for newness).

Shares Out (M) 1,125 We think off-price can be a standout beneficiary from AI – We found that TJ Maxx

Short Interest Ratio/% Of Float 1.4% and Marshalls come fairly high-recommended via ChatGPT queries for stores that offer

Dividend/Yield $1.92/1.3% value on name-brand/designer goods, but the results were still somewhat spotty (likely in-

Enterprise Value ($M) $162,498 part to their extremely-limited online footprint). That said, we expect more direct consumer

Cash & Equivalents ($M) $6,230 feedback (through channels like TikTok/Reddit) to become a more meaningful source for

Total Debt ($M) $2,869 these recommendations, which should favor shopping experiences in general (regardless of

where/how the transactions occur). Given the affinity we have seen for off-price on TikTok,

we think the off-price retailers may see a larger incremental bump in visibility from these new

26 Page Document tools vs other retail channels. Additionally, while extensive merchandising expertise remains

core to operations, AI tools can likely help optimize logistics & allocations (2 areas where

Reasons for this report off-price’s less-traditional sourcing causes more friction than a traditional retail model).