Stock Groups

Ross Stores Falls on Wells Fargo Downgrade -Breaking

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Ross Stores stock (NASDAQ:) traded 1.2% lower in Monday’s premarket following a downgrade by Wells Fargo, according to StreetInsider.

Analyst Ike Boruchow now rates the stock ‘equal weight’ with a target of $120, 11% down from his previous target of $135 when he was ‘over weight’ on it. Stock closed Friday at $114.28.

Boruchow covers ROST more than any other name, and the analyst points out the increasing concern about the low-end consumers. Boruchow believes that the stock is well-valued.

Ross Dress for Less is an apparel company and home fashion retailer in the U.S.

Ross posted a net profit of $385 million for the quarter ending October 30 on $4.6 billion in sales. Comparable store sales increased by a strong 14%.

Based on 12.5% comparable store sales growth, the company anticipates 2021 financial year earnings per share of $4.70. In November, the company stated that supply chain congestion in the industry was increasing despite strong consumer demand.

According to the company, it plans on buying back shares of $650 millions in the ongoing fiscal year.

 

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