Morgan Stanley raised the firm’s price target on BJ‘s Wholesale (BJ) to $98 from $90 and keeps an Equal Weight rating on the shares. Strong Q3 performance contrasts with the company’s “seemingly conservative” Q4 margin guidance, the analyst tells investors. While “encouraged” by membership momentum and the fee increase, new club openings, growth in digital and Fresh 2.0 will require additional labor, limiting margin upside, the analyst added.
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