Ross Stores, Inc. (ROST) PT Raised to $83 at Cowen

Cowen analyst John Kernan raised the price target on Ross Stores, Inc. (NASDAQ: ROST) to $83.00 (from $80.00) while maintaining an Outperform rating following earnings.

The analyst commented, "Consensus estimates are likely too high on margin recovery into FY23 without a material acceleration in SSS and improvement in cost inflation. We tweak our price target to $83 on a FY23 P/E multiple of 18x (vs five-year average of 21x). Implied Q4 margin guidance assumes a meaningful recovery on easier compares. TJX and ROST stock reactions to tepid sales outlooks suggest valuation support."

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