UPDATE: Jefferies Expects More Good Results for Ross Stores; Raises PT

According to a research report published earlier today, Jefferies has increased Ross Stores'

PT from $47 to $60. Jefferies commented in the report, “We expect solid 4Q results given the company's out performance during monthly sales and upward guidance revisions. We believe the off-price business model has proved very resilient and expect continued growth in the coming quarters. However, we believe current valuation adequately reflects the strong trends here and maintain our Hold rating.” Ross Stores closed yesterday at $56.61.