Ross Stores (ROST) Price Target Lifted to $112 at Sterne Agee

Sterne Agee analyst Ike Boruchow raised his price target on Ross Stores, Inc. (NASDAQ: ROST) to $112.00 (from $105.00) on business momentum and long-term opportunities but stopped short of upgrading the stock and maintained a Neutral rating.

Boruchow commented, "We recently hosted ROST senior-level management at their HQ. The discussion was decidedly upbeat in regards to both near-term trends and long-term opportunities. ROST is not only benefiting from lower energy prices and port delays, but the off-price industry also continues to take share within the apparel market, while the company still has ample U.S. footage opportunities. The one potential headwind on the horizon would be wage inflation for store associates (an initiative that competitors such as TJX, WMT, TGT, etc. have already put in motion). All in, fundamentals appear to be moving in the right direction, while management's focus remains on driving long-term growth. Raising PT to $112 (from $105)."

The firm is maintaining 2015/2016 EPS estimates of $4.80/$5.24.

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 $103.46 yesterday.

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