Wedbush Reiterates Outperform On Ross Stores Following Impressive 2Q14 Results
In a research report released today, Wedbush analyst Morry Brown maintained an outperform rating on Ross Stores (NASDAQ:ROST) shares, with an $83 price target, following the company’s second-quarter results, posting $0.04 of EPS upside.
Brown noted, “ROST delivered impressive 2Q results, with SSS at the top end of their guidance range, merchandise margins up and above plan (and stronger than TJX). We remain constructive on shares given (1) 2H guidance looks beatable, particularly on the top line, (2) valuation has runway remaining as the story returns to its familiar beat-and-raise pattern and (3) fundamentals could accelerate in 2H, if lower retail inventoriesdrive a reduction in the promotional environment relative to 1H (as we expect).”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Morry Brown has a total average return of -9.3% and a 14.3% success rate. Brown has a -3.6% average return when recommending ROST, and is ranked #3008 out of 3257 analysts.