JPMorgan Raises Price Target on Ross; “Neutral” Rating (ROST)
JPMorgan reported on Friday that it has increased its price target on discount retailer, Ross Stores, Inc. (ROST).
The firm has maintained a “Neutral” rating on Ross, and has raised the company’s price target from $60 to $67. This price target suggests a 4% increase from the stock’s current price of $64.04.
An analyst from the firm commented, “the strong inventory availability for off-pricers and demand from a ‘trade down’ customer has supported comp growth throughout the recession and into the recovery, and the improving systems and commitment to aggressively drive down inventory per foot had a major benefit on the merchandise margin line. By reducing average instore inventory by 40% since ’08 and comping 5-6% the past three years, margins have inflected to all-time highs.”
Ross shares were mostly flat during Friday morning trading. The stock has increased 9% in the past year.
The Bottom Line
Shares of Ross Stores, Inc. (ROST) have a 1.07% yield, based on Friday morning’s price of $63.69.
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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