Ross Stores price target raised to $175 from $160 at Telsey Advisory

Telsey Advisory analyst Dana Telsey raised the firm’s price target on Ross Stores to $175 from $160 and keeps a Market Perform rating on the shares. The company delivered a second consecutive broad-based beat to start FY24, with sales, gross margin, and expenses better than the market’s expectations, the analyst tells investors. The company’s “sharp” focus on improving the value offering is paying off as consumers continue to seek deals, however, the firm continues to see uncertainty in the macro environment and remains cautious on the company’s lower income, more price-sensitive consumer.