Ross Stores price target raised to $161 from $155 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Ross Stores to $161 from $155 and keeps an Overweight rating on the shares. While stating that Q4 ended an “impressive year of sequential fundamental improvement and consistent outperformance,” the firm adds that this was “well-anticipated.” The expectations together with conservative Q1 and fiscal year guidance resulted in “a muted stock reaction,” though the guidance is likely to prove to be “beat-able,” says the analyst, who adds that Ross remains the firm’s preferred Off-Price pick.