Jefferies Raises Price Target on Ross Stores (ROST) to $59; Reiterates Hold
Jefferies reiterated a Hold rating on Ross Stores, Inc. (NASDAQ: ROST), and raised the price target to $59.00 (from $57.00), following the company's 3Q earnings report. Management continued to reiterate expectations for a holiday selling season that will be fiercely competitive. Jefferies reiterates a $0.74 EPS estimate for 4Q'17 and moved to $2.80 for FY'17.
Analyst Randal Konik commented, "While 3Q top-line, margins, and EPS reflected another quarter of solid performance and came in ahead of consensus, we believe challenging NT compares, a highly promotional holiday season, and wage pressures, coupled with a lofty valuation, prevent a favorable risk/reward ratio here. Maintain Hold. Moving PT to $59."
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Shares of Ross Stores, Inc. closed at $65.53 yesterday.