Jefferies Raises Price Target on Ross Stores (ROST) to $57 Following 2Q
- Stocks dip as earnings pour in, consumer discretionary lags
- UPDATE: Alphabet (GOOG) Tops Q3 EPS Views; Revs Strong
- Baker Hughes (BHI), General Electric (GE) in Partnership Talks, Not Merger Talks
- Cirrus Logic, Inc. (CRUS) Q2 Results and Guidance Beat Estimates
- Amazon.com (AMZN) Misses Q3 EPS by 26c, Offers Q4 Guidance
Find out which companies are about to raise their dividend well before the news hits the Street with StreetInsider.com's Dividend Insider Elite. Sign-up for a FREE trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Jefferies Raises Price Target on Planet Fitness (PLNT) Following Solid 3Q
- PAREXEL (PRXL) PT, Estimates Lowered at Evercore ISI
- Jefferies Raises Price Target on General Dynamics (GD) Following 3Q
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Related EntitiesJefferies & Co, Earnings, Randal Konik
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!