Ross Stores downgraded to Accumulate from Buy at Gordon Haskett

Gordon Haskett downgraded Ross Stores to Accumulate from Buy with an unchanged price target of $120. Sentiment on the group remains depressed, with retail lagging the broader S&P 500 by over 1,000 basis points year-to-date, notes the analyst, who adds that the firm’s survey work and proprietary traffic data “appear to be improving/bottoming, albeit modestly.” The firm is making changes in its retail coverage rating based on its latest Shades of Grey Portfolio update rankings.