Warring on TJX: 'Tough to Wrap Your Head Around the Valuation'

Zach Warring says his firm's sell rating on TJX Co. (TJX) is "more on valuation" as shares pop after a 2Q earnings beat. He says 32x forward multiple is a little too strong, saying they're almost "trading like a tech company." When compared to Ross Stores (ROST), he says the store count growth is similar and believes the business model is step and step with TJX. But, he believes the ROST multiple is more favorable than TJX.

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