Ross Stores, Inc. (ROST) PT Lowered to $81 at Cowen

Cowen analyst John Kernan lowered the price target on Ross Stores, Inc. (NASDAQ: ROST) to $81.00 (from $108.00) while maintaining a Market Perform rating following weak earnings results.

The analyst commented, "Worst SSS result in 20+ years with SSS -7% - we note that the worst quarterly SSS reported in the Global Financial Crisis was -1% in Q4:09. The competitive environment, supply chain, ESG costs, inflation and overall outlook for the entire Specialty Retail sector is entering a multi-year secular turn characterized by high volatility, lower margins/returns on capital for most and lower valuations."

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