Jefferies Raises Price Target on Ross Stores (ROST) to $57 Following 2Q
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Jefferies reiterated a Hold rating on Ross Stores, Inc. (NASDAQ: ROST), and raised the price target to $57.00 (from $51.00), following the company's 2Q earnings report. 2Q comps were reported at +4%, a sequential improvement from last qtr and ahead of 1-2% guidance. By category, home and shoes were the strongest and women's apparel was less of a drag on comps.
Analyst Randal Konik commented, "ROST reported a strong 2Q with sales and earnings above expectations and sequential improvement in ladies apparel, which had negatively impacted 1Q results. While fundamentals are moving in the right direction, mgmt's tone was more cautious for 2H given an increasingly uncertain macro/political/retail envt. and risk of elevated promos across the industry. Raising PT to $57, but maintain Hold as risk/reward balanced at current valuation."
Shares of Ross Stores, Inc. closed at $62.88 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings, Randal Konik
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