UPDATE: Wedbush Securities Reiterates Outperform Rating, Raises PT on Ross Stores, Inc. as 2015 Appears Set to Deliver Continued EPS Beats

In a report published Friday, Wedbush Securities analyst Morry Brown reiterated an Outperform rating on

, and raised the price target from $106.00 to $112.00. In the report, Wedbush Securities noted, "Business firing on all cylinders; conservative comp plan sets the stage for ongoing earnings beats; reiterate OUTPERFORM. ROST delivered 4Q sales and earnings results that place it among the best performers in large cap retail. Despite strong momentum heading into 2015, management kept guidance conservative, planning for only a 1%-2% comp increase (and still managing to place consensus at the high end of guidance, better than many retail peers). We expect strong comps throughout the year driven by (1) lower gas prices and (2) higher wages at the low end (we believe higher disposable income at the low end will more than offset cost pressures). We believe both factors are positive catalysts for ROST, in addition to continued market share gains from the off-price format, along with strong company-level execution. Our thesis is unchanged." Ross Stores, Inc. closed on Thursday at $99.05.