Ross Stores Stock Rating Reaffirmed by Zacks (ROST)
Ross Stores (NASDAQ:ROST)‘s stock had its “neutral” rating restated by Zacks in a research note issued on Wednesday. They currently have a $70.00 price target on the stock. Zacks‘s price target points to a potential upside of 4.85% from the company’s current price.
Zacks’ analyst wrote, “We are impressed with Ross Stores’ off-price business model that creates a strong value proposition for its target customers. We believe the company’s ongoing merchandise improvement and inventory management initiatives bode well for future growth. Moreover, its focus on store expansion, along with consistent share buybacks and attractive dividend payouts highlight its financial strength. However, the company posted lower-than-expected first-quarter fiscal 2014 results with both top and bottom lines falling short of the Zacks Consensus Estimate. Moreover, the company provided cautious outlook for the upcoming quarter as well as for fiscal 2014 due to an uncertain economic scenario and a distressed retail market. This prevents us from being much optimistic about the stock at least for the near term, keeping our Neutral stance intact.”
Several other analysts have also recently commented on the stock. Analysts at JPMorgan Chase & Co. reiterated a “neutral” rating on shares of Ross Stores in a research note on Friday, May 23rd. They now have a $76.00 price target on the stock, down previously from $78.00. Separately, analysts at Morgan Stanley cut their price target on shares of Ross Stores to $81.00 in a research note on Friday, May 23rd. They now have an “overweight” rating on the stock. Finally, analysts at Deutsche Bank cut their price target on shares of Ross Stores from $81.00 to $78.00 in a research note on Friday, May 23rd. They now have a “buy” rating on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating and ten have issued a buy rating to the company’s stock. Ross Stores has an average rating of “Buy” and a consensus target price of $76.94.
Shares of Ross Stores (NASDAQ:ROST) traded down 0.52% on Wednesday, hitting $66.41. 567,101 shares of the company’s stock traded hands. Ross Stores has a 52 week low of $63.00 and a 52 week high of $81.99. The stock has a 50-day moving average of $68.17 and a 200-day moving average of $70.27. The company has a market cap of $14.052 billion and a P/E ratio of 16.88. Ross Stores also was the recipient of a large growth in short interest during the month of June. As of June 13th, there was short interest totalling 5,638,628 shares, a growth of 33.3% from the May 30th total of 4,230,037 shares. Currently, 2.7% of the company’s shares are short sold. Based on an average daily volume of 1,384,836 shares, the short-interest ratio is currently 4.1 days.
Ross Stores (NASDAQ:ROST) last released its earnings data on Thursday, May 22nd. The company reported $1.15 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.15. The company had revenue of $2.68 billion for the quarter, compared to the consensus estimate of $2.69 billion. During the same quarter in the previous year, the company posted $1.07 earnings per share. The company’s revenue for the quarter was up 5.6% on a year-over-year basis. Analysts expect that Ross Stores will post $4.23 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which is scheduled for Monday, June 30th. Stockholders of record on Tuesday, June 10th will be given a dividend of $0.20 per share. This represents a $0.80 dividend on an annualized basis and a yield of 1.20%. The ex-dividend date of this dividend is Friday, June 6th.
Ross Stores, Inc is an off-price apparel and home fashion chain in the United States. The Company operates two brands of off-price retail apparel and home fashion stores: Ross Dress for Less (NASDAQ:ROST) and dd’s DISCOUNTS.
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