Accessible version BJ's Wholesale Club Holdings 2Q Preview: Margin concerns balanced by improving sales trends Reiterate Rating: NEUTRAL | PO: 101.00 USD | Price: 93.41 USD Reiterate Neutral; see improving sales trends in 2Q We reiterate our Neutral rating and see a balanced risk/reward at 20x P/E given our forecast for consistent sales trends but muted margin upside. Key debates continue to center around the merchandise margin trajectory absent tariff refunds and whether comps can accelerate and bridge out ...