UPDATE: Deutsche Bank Reiterates on Ross Stores Following Relatively Weak Comp

In a report published Friday, Deutsche Bank analyst Mike Baker reiterated a Buy rating on Ross Stores ROST, and raised the price target from $77.00 to $81.00. In the report, Deutsche Bank noted, “ROST comped at 2%, below our estimate of 4%, FactSet consensus of 3% and TJX's 5% comp. EPS was 80c, which while above guidance, did not match the TJX beat. Merchandise margins were strong at +55 bps, but this was offset by deleverage, so operating margins were flat. ROST cited several reasons for the relatively weak comp versus past quarters. To them, the biggest factor was the macro environment and uncooperative weather.” Ross Stores closed on Thursday at $80.26.