Citigroup Raises Ross Stores (NASDAQ:ROST) Price Target to $108.00

Ross Stores (NASDAQ:ROST) had its price target lifted by Citigroup from $90.00 to $108.00 in a report issued on Friday, The Fly reports. They currently have a buy rating on the apparel retailer’s stock.

Several other equities research analysts have also commented on ROST. Nomura Securities dropped their price objective on shares of Ross Stores from $83.00 to $80.00 and set a neutral rating on the stock in a research note on Tuesday, March 31st. Nomura Instinet boosted their price objective on shares of Ross Stores from $80.00 to $100.00 and gave the stock a neutral rating in a research note on Monday, May 11th. Telsey Advisory Group reissued a market perform rating on shares of Ross Stores in a research note on Monday, March 2nd. BidaskClub downgraded shares of Ross Stores from a hold rating to a sell rating in a research note on Saturday, April 25th. Finally, JPMorgan Chase & Co. dropped their target price on shares of Ross Stores from $129.00 to $122.00 and set an overweight rating on the stock in a research note on Wednesday, March 4th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating and eighteen have issued a buy rating to the company. Ross Stores presently has an average rating of Buy and an average target price of $108.54.

Shares of NASDAQ ROST traded down $2.99 during midday trading on Friday, hitting $93.88. 5,320,136 shares of the company traded hands, compared to its average volume of 2,676,213. Ross Stores has a 12-month low of $56.30 and a 12-month high of $124.16. The company has a debt-to-equity ratio of 0.87, a quick ratio of 0.59 and a current ratio of 1.27. The stock has a 50-day moving average price of $87.44 and a 200 day moving average price of $104.45. The firm has a market cap of $34.43 billion, a P/E ratio of 36.39, a P/E/G ratio of 3.79 and a beta of 0.80.

Ross Stores (NASDAQ:ROST) last posted its quarterly earnings data on Thursday, May 21st. The apparel retailer reported ($0.87) EPS for the quarter, missing the consensus estimate of ($0.01) by ($0.86). Ross Stores had a return on equity of 34.38% and a net margin of 6.63%. The business had revenue of $1.84 billion for the quarter, compared to the consensus estimate of $2.04 billion. During the same period in the previous year, the firm earned $1.15 EPS. The company’s revenue was down 51.4% on a year-over-year basis. As a group, equities analysts expect that Ross Stores will post 2.55 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in the business. BlackRock Inc. increased its holdings in Ross Stores by 1.6% during the first quarter. BlackRock Inc. now owns 25,445,664 shares of the apparel retailer’s stock valued at $2,213,009,000 after buying an additional 402,678 shares during the last quarter. Massachusetts Financial Services Co. MA increased its holdings in Ross Stores by 9.2% during the first quarter. Massachusetts Financial Services Co. MA now owns 6,527,239 shares of the apparel retailer’s stock valued at $567,673,000 after buying an additional 548,721 shares during the last quarter. Franklin Resources Inc. increased its holdings in Ross Stores by 5.8% during the first quarter. Franklin Resources Inc. now owns 5,321,208 shares of the apparel retailer’s stock valued at $462,784,000 after buying an additional 289,976 shares during the last quarter. Geode Capital Management LLC increased its holdings in Ross Stores by 1.8% during the first quarter. Geode Capital Management LLC now owns 5,221,696 shares of the apparel retailer’s stock valued at $453,228,000 after buying an additional 91,015 shares during the last quarter. Finally, Bank of America Corp DE increased its holdings in Ross Stores by 9.5% during the fourth quarter. Bank of America Corp DE now owns 5,009,559 shares of the apparel retailer’s stock valued at $583,213,000 after buying an additional 435,998 shares during the last quarter. 86.38% of the stock is owned by institutional investors and hedge funds.

About Ross Stores

Ross Stores, Inc, together with its subsidiaries, operates off-price retail apparel and home fashion stores under the Ross Dress for Less and dd's DISCOUNTS brands. Its stores primarily offers apparel, accessories, footwear, and home fashions. The company's Ross Dress for Less stores sell its products at department and specialty stores primarily to middle income households; and dd's DISCOUNTS stores sell its products at department and discount stores regular prices to customers from households with moderate income.

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