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TJX Cos. (TJX) Stock Closed Higher on CEO Succession Plan, 'Buy' Rating

NEW YORK (TheStreet) -- TJX Companies (TJX - Get Report) stock closed up by 1.60% to $71.90 on Wednesday, following the company's CEO succession plan and a positive analyst note from Citigroup.

TJX announced today that Ernie Herrman, company president and former head of Marmaxx Group, will succeed Carol Meyrowitz as CEO on January 31, the first day of the company's new fiscal year.

Meyrowitz, who has been CEO since 2007, will become executive chairman of the board when Herrman assumes the CEO role. In addition to his upcoming CEO position, Hermann was elected as a board member, effectively immediately.

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Additionally, Citigroup initiated coverage on the stock with a "buy" rating and a $88 price target, citing high return-on-investment capital and "one of the most visible and longest duration growth opportunities in retail today," according to an analyst note.

Citigroup mentioned that it forecasts 6% to 8% annual revenue growth during the next five years, propelled by expansion domestically and internationally.

Citigroup analysts initiated...