Discount apparel retailer Ross Stores, Inc. (ROST) on Monday caught some continued bullish sentiment from analysts at Crowell, Weedon & Co.
The firm maintained its “Buy” rating on ROST while lifting its price target to $68.00. That new target suggests a 10% upside to the stock’s Friday closing price of $61.59.
A Crowell Weedon analyst commented, “Ross reported excellent first quarter results, driven in large part, by better than expected same store sales (SSS) growth of 9%. Increased inventory turns and expense leverage drove a 70 basis point improvement in the company’s operating margin. Management raised its earnings outlook for the year to a range of $3.26-$3.37, up from previous guidance of $3.12-$3.26. Additionally, the company increased its forecast of total potential store locations to 2,500, up from 2,000. We have increased our earnings outlook for the year to $3.35 and raised our price target on ROST shares to $68.”
Ross shares were mostly flat in late morning trading Monday.
The Bottom Line
Shares of Ross Stores (ROST) have a .91% dividend yield, based on Friday’s closing stock price of $61.59. The stock has technical support in the $55-$56 price area. The stock is trading near the all-time high range of $63-$64 a share.
Ross Stores, Inc. (ROST) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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