Ross Stores initiated with an Outperform at Evercore ISI

Evercore ISI analyst Michael Binetti initiated coverage of Ross Stores with an Outperform rating and $140 price target. The analyst is bullish on the off-price category and thinks Ross is well positioned to continue gaining share at the lower-income end of the off-price consumer spectrum. Solid U.S. employment and persistent inflation will likely result in ongoing consumer value-seeking behavior, the analyst tells investors in a research note.