Analysts' Upgrades, Downgrades: TJX

Change in Ratings

J.C. Penney(JCP Quote) downgraded at Goldman to neutral from buy based on more defensive view on consumer spending. Note strong management team but recent product launches have put company at near-term disadvantage due to inventory and expenses.

Nordstrom(JWN Quote) downgraded at Goldman Sachs to neutral from buy based on more cautious view of discretionary spending. Note that current futures prices for gasoline, crude oil and natural gas imply that aggregate energy spending will increase 25% in 2008.

RadioShack(RSH Quote) upgraded at Goldman Sachs to buy from neutral based on attractive valuation. Note stabilized finances and favorable profit per-unit compared to other hardline retailers. Price target at $20. ...