Nomura Securities Maintains a 'Buy' on Ross Stores (ROST); Increasing Estimates & PT
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Price: $245.36 --0%
Rating Summary:
28 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
Rating Summary:
28 Buy, 13 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 10 | Down: 16 | New: 19
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Nomura Securities maintains a 'Buy' on Ross Stores, Inc. (NASDAQ: ROST) price target raised from $87 to $93.
Nomura analyst, Paul Lejuez, said, "ROST continues to post strong comp results helped by great inventory availability and strong traffic trends. Following a strong 3Q, we expect continued upside in 4Q. While we do not expect mgmt to raise 4Q guidance on its 3Q earnings call, we note that in the past three qtrs, the company has exceeded its initial guidance by 10-20%. If the company were to do the same in 4Q, it would imply EPS of ~$1.79 (assuming they beat their current 4Q guidance of $1.53-$1.59 by 15%) vs cons of $1.58. We raise our FY11E EPS from $5.58 to $5.68 and FY12E from $6.30 to $6.45. Our PT goes to $93 on 14x our F12E EPS, in line with the softlines group median, despite ROST having a more stable business model."
For more ratings news on Ross Stores, Inc. click here and for the rating history of Ross Stores, Inc. click here.
Shares of Ross Stores, Inc. closed at $89.19 yesterday.
Nomura analyst, Paul Lejuez, said, "ROST continues to post strong comp results helped by great inventory availability and strong traffic trends. Following a strong 3Q, we expect continued upside in 4Q. While we do not expect mgmt to raise 4Q guidance on its 3Q earnings call, we note that in the past three qtrs, the company has exceeded its initial guidance by 10-20%. If the company were to do the same in 4Q, it would imply EPS of ~$1.79 (assuming they beat their current 4Q guidance of $1.53-$1.59 by 15%) vs cons of $1.58. We raise our FY11E EPS from $5.58 to $5.68 and FY12E from $6.30 to $6.45. Our PT goes to $93 on 14x our F12E EPS, in line with the softlines group median, despite ROST having a more stable business model."
For more ratings news on Ross Stores, Inc. click here and for the rating history of Ross Stores, Inc. click here.
Shares of Ross Stores, Inc. closed at $89.19 yesterday.
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