These Analysts Boost Their Forecasts On Ross Stores Following Upbeat Results

Ross Stores, Inc. ROST reported upbeat results for its third quarter and raised FY23 earnings guidance on Thursday.

Ross Stores reported quarterly earnings of $1.33 per share, surpassing estimates of $1.21, representing a 33% increase over earnings of $1.00 per share from the same period last year. Revenue clocked in at $4.92 billion, above the analyst consensus estimate of $4.82 billion, a 7.87% increase over sales of $4.57 billion the same period last year, according to Benzinga Pro.

The company raised its full-year 2023 earnings per share outlook from between $5.15 and $5.26 to between $5.30 and $5.36.

Ross Stores shares jumped 7.9% to trade at $129.58 on Friday.

These analysts made changes to their price targets on Ross Stores following earnings announcement.

• Telsey Advisory Group increased the price target on Ross Stores from $130 to $135. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• Morgan Stanley raised the price target on Ross Stores from $131 to $137. Morgan Stanley analyst Kimberly Greenberger maintained an Overweight rating.
• Wells Fargo boosted the price target on Ross Stores from $135 to $140. Wells Fargo analyst Ike Boruchow maintained an Overweight rating.
• BMO Capital increased the price target on Ross Stores from $127 to $138. BMO Capital analyst Simeon Siegel maintained an Outperform rating.

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