UPDATE: Piper Jaffray Cuts PT to $71 on Ross Stores on Slowing Comps

Piper Jaffray maintained Ross Stores

with an Overweight rating and lowered the price target from $86.00 to $71.00. Piper Jaffray commented, "We are cautious on ROST shares over the next two to three months in view of decelerating comps and numerous headwinds facing moderate income consumers. February comps were down 1%, and though we expect Q1 comps to end up being +LSD as tax refunds come in, we believe ROST's valuation could contract throughout the first quarter of the year as investors balance concerns about choppy near-term performance with the likelihood of persistent macroeconomic pressures throughout 2013." Ross Stores closed at $59.70 on Wednesday.