We reiterate our BUY rating for The TJX Companies Ltd (NYSE: TJX), though we see little near-term upside. The company continues to act as a solid defensive stock which, like other discount/”off-brand” retailers, tends to perform well in a recessionary environment. We are seeing similar movement in the “private” labels of food retailers (see below). In other words: consumers are disregarding “brand” and buying value-orientated products. TJX is poised to do well from this given their off-price model.