These Analysts Increase Their Forecasts On Ross Stores After Q4 Results

Ross Stores, Inc. ROST reported better-than-expected fourth-quarter results on Tuesday.

Ross Stores posted fourth-quarter GAAP earnings of $1.820 per share, beating market estimates of $1.650 per share. The company’s quarterly sales came in at $6.022 billion versus expectations of $5.814 billion, according to data from Benzinga Pro.

Barbara Rentler, Chief Executive Officer, commented, "We are pleased with our fourth quarter sales and earnings results that were well ahead of our expectations. Our above-plan sales were driven by customers’ positive response to our improved assortments of quality branded bargains throughout our stores…Fourth quarter operating margin grew 165 basis points to 12.4%, up from 10.7% in the prior year. This improvement was mainly due to the strong gains in same store sales and lower freight costs that were partially offset by higher incentives. The 53rd week also benefited operating margin by 80 basis points."

Ross Stores said it sees first-quarter earnings of $1.29 to $1.35 per share, versus market estimates of $1.27 per share. The company projects FY24 earnings of $5.64 to $5.89 per share, versus expectations of $5.40 per share.

Ross Stores shares fell 0.5% to close at $149.17 on Tuesday.

These analysts made changes to their price targets on Ross Stores after the company reported quarterly results.

• Telsey Advisory Group raised the price target on Ross Stores from $135 to $160. Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating.
• TD Cowen boosted the price target on Ross Stores from $144 to $169. TD Cowen analyst John Kernan maintained an Outperform rating.
• Barclays increased the price target on Ross Stores from $160 to $163. Barclays analyst Adrienne Yih maintained an Overweight rating.
• JP Morgan raised the price target on Ross Stores from $150 to $163. JP Morgan analyst Matthew Boss maintained an Overweight rating.
• Guggenheim raised the price target on Ross Stores from $140 to $165. Guggenheim analyst Robert Drbul maintained a Buy rating.

Now Read This: Campbell Soup, Box And 3 Stocks To Watch Heading Into Wednesday