UBS analyst Jay Sole upgraded Ross Stores to Neutral from Sell with a price target of $142, up from $85. The analyst now sees less risk to Ross’s long-term earnings outlook. Macro headwinds have faded and UBS has more conviction in its view Ross and other off- price retailers will continue to take market share over department stores, the analyst tells investors in a research note. The firm also believes the company has more margin expansion potential than previously thought.
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