Wells Fargo downgraded Ross Stores to Equal Weight from Overweight on June 23, keeping its price target at $245, citing valuation after a strong re-rating. The firm noted that while execution has been essentially flawless, risks tied to its lower-income customer base, tougher year-over-year comparisons, and rising inventory levels justify a more cautious stance. Earlier, on May 26, Barclays raised its price target on Ross Stores to $260 from $242 and reiterated an Overweight rating, highlighting first-quarter comparable sales growth of 17% that comfortably exceeded the consensus estimate of 8.6%. Ross Stores operates two off-price retail chains, Ross Dress for Less and dd's DISCOUNTS, selling apparel and home fashion products.
Barclays PLC
Wells Fargo & CompanyRoss Stores IncWells Fargo downgraded Ross Stores to Equal Weight from Overweight, citing valuation concerns after a strong re-rating.