Piper Jaffray Raises Price Target on Ross Stores (ROST) following FQ1 Results
Piper Jaffray maintains a Neutral rating on Ross Stores, Inc. (NASDAQ: ROST), and raised the price target to $109.00 (from $105.00), following FQ1 earnings report. Neely Tamminga said that ROST bested both top-and-bottom-line expectations.
Tamminga commented, saying, "We are adjusting our estimates on ROST shares on the heels of their FQ1 earnings release in which they bested both top- and bottom-line expectations and came in ahead of previously issued guidance. Comps came in at 5% vs. guidance of 2% to 3% and EPS of $1.33 was above guidance of $1.21 to $1.26. Gross margin was up 50 basis points y/y at 29.4% while SG&A expenses declined 20-ish basis points y/y. Management indicated that the Midwest region was the strongest geography during the quarter, while juniors continued to be the strongest performing category."
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 $101.55 yesterday.