Ross Stores Inc ROST shares tanked after the company on Thursday reported its first-quarter results.

The announcement came amid an exciting earnings season. Here are some key analyst takeaways.

JPMorgan On Ross Stores

Analyst Matthew Boss reiterated an Overweight rating, while slashing the price target from $161 to $141.

Ross Stores reported its first-quarter earnings at $1.47 per share, beating Street expectations of $1.44 per share, and flat same-store-sales growth, better than estimates of a 0.6% decline, Boss said in a note. Management indicated that same-store-sales performance improved after February and the trends suggest 3% growth in April, he added.

However, the company withdrew its full-year guidance, citing "the varying nature of tariff announcements," the analyst wrote. Management guided to earnings of $1.40-$1.55 per share for the second quarter, below consensus of $1.65 per share, he further stated.

Check out other analyst stock ratings.

Goldman Sachs On Ross Stores

Analyst Brooke Roach maintained a Buy rating, while cutting the price target from $177 to $162.

Ross Stores reported a broad-based beat for the first quarter, outperforming on both gross and operating margins, despite tariff headwinds and higher ocean freight, Roach said. He added, however, that the positive impact was offset by weaker-than-expected guidance for the second quarter.

Management guided to comps being flat to up +3% in the quarter, but this was "more than offset by larger headwinds from tariffs," the analyst stated. "ROST expects tariffs to drive a 90bps-120bps headwind to 2Q operating margin, driving a $0.11-$0.16 drag on 2Q EPS," he further wrote.

Telsey Advisory Group On Ross Stores

Analyst Dana Telsey reaffirmed a Market Perform rating and price target of $150.

Ross Stores delivered a broad-based beat, with sales, gross margins and expenses coming in slightly better than consensus, Telsey said. Total sales grew 2.6% to $4.985 billion, beating consensus of $4.96 billion, she added.

"The comp in the quarter benefited from a larger basket size offset by weaker traffic," the analyst wrote. The company withdrew its annual guidance due to continued macro uncertainty, she further stated.

ROSS Price Action: Shares of Ross Stores had declined by 11.15% to $135.28 at publication on Friday.

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