Wells Fargo Transfers Coverage of Ross; “Market Perform” Rating (ROST)
Wells Fargo reported on Tuesday that it has transferred coverage of discount retailer, Ross Stores, Inc. (ROST).
The firm has transferred coverage of ROST, while maintaining a “Market Perform” rating and a valuation range of $65 to $69. This range suggests up to a 5% upside from the stock’s current price of $65.41.
An analyst from the firm commented, “we like the off-price business model and expect ROST, along with TJX, to continue to take share. We also believe product availability will remain healthy. However, with the stock trading well above the group, we believe the market fully appreciates the beauty of the ROST model. And, with earnings beats likely to moderate, we see fewer catalysts to move the stock higher.”
Ross shares were mostly flat during Tuesday morning trading. The stock has increased 5% in the past year.
The Bottom Line
Shares of Ross Stores, Inc. (ROST) have a 1.04% yield, based on Tuesday morning’s price of $65.41.
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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