TJX (TJX) news that moved the stock

What happened

BofA lowered its price target on TJX to $170 from $175 and kept a Buy rating. The firm cut off-price retailer estimates to reflect higher freight costs pressuring FY27 margins as contracts renew, reducing FY27 estimates for TJX by 3% (Ross by 3%, Burlington by 6%) to reflect about 60 basis points of incremental gross margin pressure. The action was published Tuesday morning, Oct 27.

What happened

TJX filed a Form 8-K on October 20, 2026 disclosing a letter agreement (entered into October 15) governing the planned retirement of Senior Executive Vice President and Group President Kenneth Canestrari on April 30, 2027. His employment agreement is extended to that date; effective January 31, 2027 he will no longer serve as an executive officer, though his employment as Senior EVP continues through retirement. He will not participate in the Management Incentive Plan or Long Range Performance Incentive Plan for performance periods beginning in fiscal 2028 or later, and will receive no new equity grants under the Stock Incentive Plan — though he remains eligible for benefits on existing LRPIP and stock-incentive awards. He stays subject to non-competition, non-solicitation, and confidentiality obligations.