Morgan Stanley Trims Ross Stores (NASDAQ:ROST) Target Price to $129.00

Ross Stores (NASDAQ:ROSTGet Rating) had its target price cut by analysts at Morgan Stanley from $139.00 to $129.00 in a research note issued to investors on Friday, The Fly reports. Morgan Stanley’s price target points to a potential upside of 39.16% from the stock’s previous close.

A number of other equities analysts have also commented on ROST. Gordon Haskett lowered shares of Ross Stores from an “accumulate” rating to a “hold” rating and cut their price objective for the company from $130.00 to $106.00 in a research report on Thursday, February 10th. Loop Capital cut their price objective on shares of Ross Stores from $95.00 to $80.00 in a research report on Friday. TheStreet upgraded shares of Ross Stores from a “c+” rating to a “b-” rating in a research report on Tuesday, May 3rd. BMO Capital Markets lowered their target price on shares of Ross Stores from $116.00 to $99.00 in a research note on Friday. Finally, OTR Global downgraded shares of Ross Stores to a “positive” rating in a research note on Wednesday, May 4th. Six research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $110.06.

Shares of NASDAQ:ROST opened at $92.70 on Friday. The company has a 50-day moving average price of $96.20 and a two-hundred day moving average price of $101.46. The company has a quick ratio of 1.24, a current ratio of 1.77 and a debt-to-equity ratio of 0.60. Ross Stores has a twelve month low of $84.44 and a twelve month high of $127.58. The firm has a market capitalization of $32.57 billion, a PE ratio of 19.07, a P/E/G ratio of 1.84 and a beta of 0.92.

Ross Stores (NASDAQ:ROSTGet Rating) last released its quarterly earnings data on Thursday, May 19th. The apparel retailer reported $0.97 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.03). Ross Stores had a net margin of 9.11% and a return on equity of 44.17%. The firm had revenue of $4.33 billion during the quarter, compared to the consensus estimate of $4.54 billion. During the same quarter last year, the business posted $1.34 earnings per share. Ross Stores’s revenue was down 4.1% compared to the same quarter last year. Analysts anticipate that Ross Stores will post 5.04 earnings per share for the current fiscal year.

Ross Stores declared that its board has approved a stock repurchase program on Tuesday, March 1st that allows the company to buyback $1.90 billion in outstanding shares. This buyback authorization allows the apparel retailer to purchase up to 6% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.

Institutional investors have recently modified their holdings of the company. Voloridge Investment Management LLC grew its holdings in shares of Ross Stores by 101.5% in the third quarter. Voloridge Investment Management LLC now owns 74,175 shares of the apparel retailer’s stock worth $8,074,000 after purchasing an additional 37,363 shares during the last quarter. Mayflower Financial Advisors LLC bought a new position in shares of Ross Stores in the fourth quarter worth approximately $201,000. Caisse DE Depot ET Placement DU Quebec grew its holdings in shares of Ross Stores by 12.6% in the third quarter. Caisse DE Depot ET Placement DU Quebec now owns 29,407 shares of the apparel retailer’s stock worth $3,201,000 after purchasing an additional 3,300 shares during the last quarter. M&T Bank Corp grew its holdings in shares of Ross Stores by 0.9% in the fourth quarter. M&T Bank Corp now owns 69,135 shares of the apparel retailer’s stock worth $7,899,000 after purchasing an additional 644 shares during the last quarter. Finally, Crossmark Global Holdings Inc. grew its holdings in shares of Ross Stores by 6.8% in the fourth quarter. Crossmark Global Holdings Inc. now owns 23,992 shares of the apparel retailer’s stock worth $2,742,000 after purchasing an additional 1,536 shares during the last quarter. Hedge funds and other institutional investors own 87.02% of the company’s stock.

About Ross Stores (Get Rating)

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 brand names. Its stores primarily offer 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 for households with moderate income.

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