Ross Stores price target raised to $160 from $135 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Ross Stores to $160 from $135 and keeps a Market Perform rating on the shares. The company completed FY23 with four quarters of better-than-expected earnings, which was driven by stronger sales and gross margin expansion, the analyst tells investors. While its value offering resonates with customers, Telsey sees uncertainty in the macro environment and remains cautious on the company’s lower income consumer relative to its peers.