Citigroup Downgrades Ross Stores Inc (ROST) to Hold, Citing Valuation
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Citigroup downgrades Ross Stores Inc (Nasdaq: ROST) from Buy to Hold with a $39 price target, citing valuation after 51% YTD run-up.
The firm remains enthusiastic about ROST's impressive off-price business, but expects teh stock to be range bound near term. The firm said they would become more constrcutive on Ross, "if benefits from ROST's micromerchandising efforts or potential DC/store operating leverage occurs sooner than expected, or if oil prices climb meaningfully, as more customers could trade down."
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