UPDATE: Crowell Weedon Reiterates Buy Rating, Raises PT for Ross Stores

In a report published earlier today, Crowell, Weedon & Co. reiterated its Buy rating for Ross Stores, Inc. ROST and raised its price target to $68.00. Crowell Weedon went on to say “Ross reported excellent first quarter results, driven in large part, by better than expected same store sales (SSS) growth of 9%. Increased inventory turns and expense leverage drove a 70 basis point improvement in the company's operating margin. Management raised its earnings outlook for the year to a range of $3.26-$3.37, up from previous guidance of $3.12-$3.26. Additionally, the company increased its forecast of total potential store locations to 2,500, up from 2,000. We have increased our earnings outlook for the year to $3.35 and raised our price target on ROST shares to $68.” Ross Stores, Inc. closed on Friday at $63.00.