Ross Stores, Inc. (NASDAQ:ROST) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The brokerage currently has a $69.00 target price on the apparel retailer’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 12.34% from the stock’s current price.

According to Zacks, “Ross Stores outperformed the broader industry in the past month. It has a positive record of earnings surprises in 12 of the trailing 13 quarters. In second-quarter fiscal 2017, both the top and bottom lines topped estimates and improved year over year. Results gained from solid top-line growth that was driven by broad-based growth across all merchandise categories and regions. Further, better-than-expected sales and operating profits at dd's DISCOUNTS aided results. Concluding first-half fiscal 2017 on a strong note, the company provided guidance for the second half and accordingly raised earnings view for fiscal 2017. This led to an uptrend in estimates for fiscal 2017. Moreover, its solid financial status, ongoing merchandise initiatives and consistent focus on store expansion bode well. However, the company anticipates witnessing the most challenging year-ago comparisons in second-half fiscal 2017, alongside a volatile retail backdrop.”

Several other equities research analysts also recently commented on the stock. Sanford C. Bernstein assumed coverage on shares of Ross Stores in a research report on Tuesday. They set an “outperform” rating and a $74.00 target price for the company. Jefferies Group LLC reissued a “hold” rating and set a $63.00 target price on shares of Ross Stores in a research report on Tuesday. BMO Capital Markets set a $65.00 target price on shares of Ross Stores and gave the stock a “hold” rating in a research report on Sunday. Deutsche Bank AG reissued a “buy” rating and set a $75.00 target price on shares of Ross Stores in a research report on Monday, August 21st. Finally, Bank of America Corporation reissued a “buy” rating and set a $80.00 target price on shares of Ross Stores in a research report on Sunday, August 20th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and fourteen have given a buy rating to the company. Ross Stores currently has an average rating of “Buy” and a consensus price target of $70.00.

Shares of Ross Stores (ROST) traded down 1.42% during trading on Thursday, hitting $60.54. The stock had a trading volume of 1,027,403 shares. The company has a market capitalization of $23.19 billion, a P/E ratio of 19.99 and a beta of 1.09. The firm has a 50-day moving average of $56.87 and a 200 day moving average of $61.01. Ross Stores has a 1-year low of $52.85 and a 1-year high of $69.81.

Ross Stores (NASDAQ:ROST) last announced its quarterly earnings data on Thursday, August 17th. The apparel retailer reported $0.82 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.05. Ross Stores had a net margin of 8.87% and a return on equity of 42.95%. The firm had revenue of $3.43 billion for the quarter, compared to analyst estimates of $3.37 billion. During the same quarter in the prior year, the business earned $0.71 earnings per share. The business’s quarterly revenue was up 7.9% compared to the same quarter last year. Equities research analysts predict that Ross Stores will post $3.23 earnings per share for the current fiscal year.

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In related news, CEO Barbara Rentler sold 15,492 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $61.00, for a total transaction of $945,012.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 2.30% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Guardian Life Insurance Co. of America lifted its stake in shares of Ross Stores by 0.7% during the 1st quarter. Guardian Life Insurance Co. of America now owns 1,529 shares of the apparel retailer’s stock valued at $101,000 after buying an additional 10 shares in the last quarter. Balentine LLC lifted its stake in Ross Stores by 0.3% in the 2nd quarter. Balentine LLC now owns 1,775 shares of the apparel retailer’s stock worth $102,000 after purchasing an additional 5 shares in the last quarter. TrimTabs Asset Management LLC lifted its stake in Ross Stores by 89.2% in the 1st quarter. TrimTabs Asset Management LLC now owns 1,646 shares of the apparel retailer’s stock worth $108,000 after purchasing an additional 776 shares in the last quarter. Parkside Financial Bank & Trust lifted its stake in Ross Stores by 3.4% in the 2nd quarter. Parkside Financial Bank & Trust now owns 1,868 shares of the apparel retailer’s stock worth $108,000 after purchasing an additional 61 shares in the last quarter. Finally, Parallel Advisors LLC lifted its stake in Ross Stores by 39.1% in the 1st quarter. Parallel Advisors LLC now owns 1,701 shares of the apparel retailer’s stock worth $111,000 after purchasing an additional 478 shares in the last quarter. Institutional investors own 89.62% of the company’s stock.

Ross Stores Company Profile

Ross Stores, Inc and its subsidiaries operate two brands of off-price retail apparel and home fashion stores-Ross Dress for Less (Ross) and dd’s DISCOUNTS. The Company is the off-price apparel and home fashion chain in the United States, with 1,340 locations in 36 states, the District of Columbia and Guam, as of January 28, 2017.

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Analyst Recommendations for Ross Stores (NASDAQ:ROST)

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