These Analysts Boost Their Forecasts On Ross Stores Following Upbeat Results
Portfolio Pulse from Lisa Levin
Ross Stores, Inc. (NASDAQ:ROST) reported Q3 earnings of $1.33 per share, beating estimates of $1.21 and up 33% from last year. Revenue was $4.92 billion, exceeding the $4.82 billion estimate. The company raised its FY23 EPS outlook from $5.15-$5.26 to $5.30-$5.36. Following the announcement, ROST shares rose 7.9% to $129.58. Analysts from Telsey Advisory Group, Morgan Stanley, Wells Fargo, and BMO Capital raised their price targets on ROST, maintaining positive ratings.
November 17, 2023 | 5:25 pm
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POSITIVE IMPACT
Ross Stores reported higher-than-expected Q3 earnings and revenue, raised FY23 EPS guidance, and saw a 7.9% stock increase. Analysts raised price targets, indicating confidence in the stock's future performance.
The positive earnings report and raised guidance are significant indicators of a company's health and future performance, which typically lead to increased investor confidence and can drive the stock price up in the short term. The unanimous decision by analysts to raise price targets further supports the likelihood of a continued positive trend.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100