Loop upgrades Ross Stores to Buy on steady spending, conservative outlook

As previously reported, Loop Capital analyst Laura Champine upgraded Ross Stores to Buy from Hold with a price target of $115, up from $105. The analyst is citing "improved brands and values in the company’s stores" while noting that the management’s guidance given in February now "looks conservative" as spending is holding steady. The firm further states that demand and supply are reverting to more normalized levels in 2023, and that Ross Stores has a history of guiding below consensus and then outperforming. The stock’s 12% year-to-date decline has created a buying opportunity for long-term investors, Loop Capital tells investors in a research note.