These 2 Ross Stores Analysts Raise Price Targets After Q3 Print

These 2 Ross Stores Analysts Raise Price Targets After Q3 Print

Ross Stores, Inc. ROST reported upbeat earnings on Thursday.

Read more about where Ross Stores stands with analysts here.

Telsey Group On Ross Stores

Analyst Dana Telsey maintained a Market Perform rating while raising the price target from $80 to $120.

“The earnings upside was driven by broad-based strength as sales, gross margin, and SG&A all came in ahead of expectations,” Telsey said in a note. Management raised their full-year projections, after two consecutive quarters of annual guidance reductions, she added.

“The more optimistic outlook not only reflects continued momentum in the fourth quarter to-date, but also easier prior year compares throughout the period due to the impact of omicron and supply chain challenges in 4Q21 and management’s confidence in an improved holiday assortment as well,” the analyst wrote.

Check out other analyst stock ratings.

Credit Suisse On Ross Stores

Analyst Michael Binetti reiterated an Outperform rating, while raising the price target from $99 to $123.

The company’s quarterly results “reinforces our bullish thesis that offpricers are quickly repositioning for accelerating market share and powerful EPS tailwinds as margins revert to pre-COVID levels starting in ’23,” Binetti stated.

“ROST offers the most potential upside today within the group,” he added.

ROST Price Action: Shares of Ross Stores had risen by 13.93% to $111.45 Friday morning at publication.

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