UPDATE: J.P. Morgan Reiterates Neutral Rating, Raises PT on Ross Stores on Supported Comp Growth

In a report published Friday, J.P. Morgan analyst Brian J. Tunick reiterated a Neutral rating on Ross Stores

, and raised the price target from $60.00 to $67.00. In the report, Tunick noted, “The strong inventory availability for off-pricers and demand from a ‘trade down' customer has supported comp growth throughout the recession and into the recovery, and the improving systems and commitment to aggressively drive down inventory per foot had a major benefit on the merchandise margin line. By reducing average instore inventory by 40% since '08 and comping 5-6% the past three years, margins have inflected to all-time highs.” Ross Stores closed on Thursday at $63.80.