BJ's Wholesale (BJ) PT Raised to $75 at Roth/MKM

Roth/MKM analyst Bill Kirk raised the price target on BJ's Wholesale (NYSE: BJ) to $75.00 (from $68.00) while maintaining a Neutral rating.

The analyst comments "While BJ's profitability faces some new headwinds, longer-term signals are very encouraging: 1) traffic is accelerating (4pp to comp from 3pp in 1Q); 2) improvements are broad-based (2pp improvement in Food/Sundries and Gen Merch/Services); 3) membership growth of 9% (member count growth strongest since pandemic); and 4) digital sales +22% y/y at 12% of sales mix. BJ's is below its long-term algorithm, but the leading fundamentals are improving. For now, we reiterate our Neutral rating and raise our PT to $75 (from $68)."

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