Ross Stores (NASDAQ:ROST) Given “Buy” Rating at Bank of America

Bank of America reiterated their buy rating on shares of Ross Stores (NASDAQ:ROST) in a report released on Friday morning, BenzingaRatingsTable reports. They currently have a $110.00 price objective on the apparel retailer’s stock, up from their prior price objective of $105.00.

Several other equities analysts have also recently issued reports on ROST. Loop Capital decreased their target price on shares of Ross Stores from $120.00 to $105.00 and set a buy rating for the company in a research note on Friday. Nomura Securities decreased their target price on shares of Ross Stores from $83.00 to $80.00 and set a neutral rating for the company in a research note on Tuesday, March 31st. UBS Group decreased their target price on shares of Ross Stores from $124.00 to $86.00 and set a neutral rating for the company in a research note on Thursday, April 30th. Citigroup boosted their price target on shares of Ross Stores from $90.00 to $108.00 and gave the stock a buy rating in a report on Friday. Finally, Odeon Capital Group started coverage on shares of Ross Stores in a report on Thursday, January 23rd. They issued a sell rating and a $105.00 price target for the company. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and eighteen have given a buy rating to the stock. Ross Stores currently has an average rating of Buy and a consensus price target of $108.54.

NASDAQ ROST traded down $2.99 on Friday, hitting $93.88. 5,320,136 shares of the company’s stock traded hands, compared to its average volume of 2,676,213. The company has a current ratio of 1.27, a quick ratio of 0.59 and a debt-to-equity ratio of 0.87. The firm’s 50-day moving average price is $87.44 and its two-hundred day moving average price is $104.45. Ross Stores has a 1-year low of $56.30 and a 1-year high of $124.16. The firm has a market capitalization of $34.43 billion, a PE 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 earnings results on Thursday, May 21st. The apparel retailer reported ($0.87) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.01) by ($0.86). Ross Stores had a net margin of 6.63% and a return on equity of 34.38%. The firm had revenue of $1.84 billion during the quarter, compared to analyst estimates of $2.04 billion. During the same quarter in the prior year, the firm earned $1.15 earnings per share. The business’s revenue for the quarter was down 51.4% on a year-over-year basis. On average, research analysts anticipate that Ross Stores will post 2.55 earnings per share for the current fiscal year.

Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. grew its holdings in shares of Ross Stores by 1.6% during the first quarter. BlackRock Inc. now owns 25,445,664 shares of the apparel retailer’s stock worth $2,213,009,000 after buying an additional 402,678 shares in the last quarter. Massachusetts Financial Services Co. MA grew its holdings in shares of Ross Stores by 9.2% in 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 purchasing an additional 548,721 shares during the period. Franklin Resources Inc. grew its holdings in shares of Ross Stores by 5.8% in the first quarter. Franklin Resources Inc. now owns 5,321,208 shares of the apparel retailer’s stock valued at $462,784,000 after purchasing an additional 289,976 shares during the period. Geode Capital Management LLC grew its holdings in shares of Ross Stores by 1.8% in 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 purchasing an additional 91,015 shares during the period. Finally, Bank of America Corp DE grew its holdings in shares of Ross Stores by 9.5% in 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 purchasing an additional 435,998 shares during the period. 86.38% of the stock is owned by institutional investors and hedge funds.

Ross Stores Company Profile

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.

Further Reading: Initial Coin Offerings entail a high degree of risk

Analyst Recommendations for Ross Stores (NASDAQ:ROST)

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