Jefferies Raises Price Target on Ross Stores (ROST) to $59; Reiterates Hold

Jefferies reiterated a Hold rating on Ross Stores, Inc. (NASDAQ: ROST), and raised the price target to $59.00 (from $57.00), following the company's 3Q earnings report. Management continued to reiterate expectations for a holiday selling season that will be fiercely competitive. Jefferies reiterates a $0.74 EPS estimate for 4Q'17 and moved to $2.80 for FY'17.

Analyst Randal Konik commented, "While 3Q top-line, margins, and EPS reflected another quarter of solid performance and came in ahead of consensus, we believe challenging NT compares, a highly promotional holiday season, and wage pressures, coupled with a lofty valuation, prevent a favorable risk/reward ratio here. Maintain Hold. Moving PT to $59."

For an analyst ratings summary and ratings history on Ross Stores, Inc. click here. For more ratings news on Ross Stores, Inc. click here.

Shares of Ross Stores, Inc. closed at $65.53 yesterday.

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