TJX and Urban Outfitters Stock Have Double-Digit Upside. Here's Why. -- Barrons.com
TJX and Urban Outfitters Stock Have Double-Digit Upside. Here's Why. -- Barrons.com
DJ TJX and Urban Outfitters Stock Have Double-Digit Upside. Here's Why. -- Barrons.com
DJ TJX和Urban Outfitters股票有兩位數的上漲。這就是為什麼。--Barrons.com
By Teresa Rivas
特蕾莎·裏瓦斯(Teresa Rivas)著
Home is where the heart is -- and it's at the heart of consumer spending in 2020, given all the time that Americans are spending there amid the Covid-19 pandemic. That's one way that retailers can make up some of the shortfall in apparel sales, says Jefferies.
家是心臟所在--考慮到新冠肺炎疫情期間美國人一直在那裏消費，家是2020年消費者支出的核心。傑弗瑞説，這是零售商彌補服裝銷售缺口的一種方式。
It's no secret that Americans are spending freely to improve their at-home experience, from DIY projects to furniture and décor. Bulls say this is likely to continue, given rising home sales (and the fact that cold-and-flu season might mean that many people will hunker down throughout the winter).
從DIY項目到傢俱和裝潢，美國人都在大手大腳地花錢來改善他們的居家體驗，這已經不是什麼祕密了。看漲人士表示，考慮到房屋銷售的上升(以及感冒和流感季節可能意味着許多人將在整個冬天都躲起來)，這種情況很可能會持續下去。
While there are obvious winners from this trend, like the home-improvement retailers, Jefferies analyst Janine Stichter argues that there are other specialty retailers that can benefit as well -- such as TJX (TJX) and Urban Outfitters (URBN), both rated at Buy with respective price targets of $67 and $27, implying upside of 24% and 29% from current stock prices.
傑富瑞(Jefferies)分析師珍寧·斯蒂克特認為，雖然這一趨勢也有明顯的贏家，比如家裝零售商，但也有其他專業零售商可以從中受益--比如TJX和Urban Outfitters，這兩家公司的評級都是Buy，目標價分別為67美元和27美元，這意味着它們的股價比目前的股價分別上漲了24%和29%。
"We see potential for growth in home décor to accelerate for the holidays as it becomes a key gift-giving item and tops many consumers' wish lists," she writes. "In what is likely to be a very unusual holiday season, many of the typical top gift categories (apparel, beauty, accessories) may be less in demand. Further, gifting apparel may be particularly problematic (with the exception of sweats/lounge), with many unwilling to visit a store to return an item in the case of fit issues."
她寫道：“我們認為，隨着家居裝飾成為關鍵的送禮項目，並在許多消費者的願望清單上名列前茅，節日期間家居裝飾的增長潛力將會加快。”“在一個很可能非常不尋常的假日季節，許多典型的頂級禮品類別(服裝、美容、配飾)的需求可能會減少。此外，送禮服裝可能特別有問題(汗衫/休息室除外)，許多人不願在合身的情況下去商店退貨。”
Of course, home goods can't entirely make up for the loss in clothing sales, but for those that do have this extra category, it can bring a substantial lift, she argues.
她認為，當然，家居用品不能完全彌補服裝銷售的損失，但對於那些確實擁有這一額外類別的人來説，它可以帶來實質性的提振。
TJX owns HomeGoods, which has a value bent as well as being focused on décor, and Marmaxx stores also sell home items. That means about a third of its business comes from the home category, Stichter notes. The stock is a top pick for her, given the ongoing shift to off-price retail as a whole, and was one of the analysts who told Barron's that it could be a beneficiary of a weird back-to-school season.
TJX擁有HomeGoods，該公司既專注於裝飾，也有價值取向，Marmaxx商店也出售家居用品。斯蒂克特指出，這意味着它大約三分之一的業務來自家庭類別。考慮到整體上正在向低價零售轉變，這隻股票是她的首選，也是告訴Barron‘s的分析師之一，它可能是一個奇怪的返校季節的受益者之一。
In addition, Urban Outfitters might also be more associated with apparel in consumers' minds, but it has long sold a home line. The shares have languished in 2020, and now sport a multiple near their five-year lows, even as its recent earnings report showed sales and gross-margin improvement. Moreover, while its higher-priced Anthropolgie brand has trailed this year, given its focus on dressier clothes, Stitcher thinks that banner's outsize home exposure could help it make significant strides in the fourth quarter.
此外，在消費者的心目中，Urban Outfitters可能也更多地與服裝聯繫在一起，但它長期以來一直在銷售一條家居產品線。該公司股價在2020年一直萎靡不振，現在的市盈率接近五年來的最低點，儘管其最近的收益報告顯示銷售額和毛利率有所改善。此外，儘管其價格更高的Anthropolgie品牌今年落後了，因為它專注於更考究的服裝，但Stitcher認為，Banner超大的家庭曝光率可能會幫助它在第四季度取得重大進展。
Write to Teresa Rivas at teresa.rivas@barrons.com
寫信給Teresa Rivas，電子郵件：teresa.rivas@Barrons.com
(END) Dow Jones Newswires
(完)道瓊斯通訊社
September 22, 2020 10:50 ET (14:50 GMT)
2020年9月22日美國東部時間10：50(格林尼治標準時間14：50)
Copyright (c) 2020 Dow Jones & Company, Inc.
版權所有(C)2020道瓊斯公司。
譯文內容由第三人軟體翻譯。