Ross Stores (ROST) is Downgraded by Piper Jaffray to Underweight

Ross Stores (ROST) was Downgraded by Piper Jaffray to ” Underweight”. Earlier the firm had a rating of “Neutral ” on the company shares. Piper Jaffray advised their investors in a research report released on May 11, 2016.

Many Wall Street Analysts have commented on Ross Stores. Ross Stores was Downgraded by Goldman to ” Neutral” on Mar 9, 2016. Company shares were Reiterated by Telsey Advisory Group on Mar 2, 2016 to “Market Perform”, Firm has raised the Price Target to $ 60 from a previous price target of $55 .Company shares were Reiterated by Wedbush on Mar 2, 2016 to “Outperform”, Firm has raised the Price Target to $ 63 from a previous price target of $61 .

On the company’s financial health, Ross Stores reported $0.66 EPS for the quarter, beating the analyst consensus estimate by $ 0.02 according to the earnings call on Mar 1, 2016. Analyst had a consensus of $0.64. The company had revenue of $3250.73 million for the quarter, compared to analysts expectations of $3211.85 million. The company’s revenue was up 7.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $1.20 EPS.

Ross Stores closed down -0.6 points or -1.03% at $57.56 with 23,93,729 shares getting traded on Tuesday. Post opening the session at $58.24, the shares hit an intraday low of $57.23 and an intraday high of $58.5 and the price fluctuated in this range throughout the day.Shares ended Tuesday session in Red.

In a different news, on Apr 4, 2016, Michael J. Hartshorn (Group S.V.P., CFO) sold 862 shares at $58.16 per share price. According to the SEC, on Apr 4, 2016, Barbara Rentler (Chief Executive Officer) sold 40,000 shares at $58.38 per share price. On Mar 30, 2016, Bernard G. Brautigan (President, Merchandising) sold 2,617 shares at $57.57 per share price, according to the Form-4 filing with the securities and exchange commission.

Ross Stores Inc. is an off-price retailer of name brand and designer apparel accessories footwear and home fashions for the entire family. The Company operates two brands of off-price retail apparel and home fashion stores Ross Dress for Less (Ross) and dd’s DISCOUNTS. As of December 31 2014 the Company operated 1210 Ross locations in 33 states the District of Columbia and Guam and 152 dd’s DISCOUNTS stores in 15 states. The Ross and dd’s DISCOUNTS stores are supported by five distribution centers. The Ross brand stores offers its products at savings of 20% to 60% off department and specialty store regular prices every day. Ross’ target customers are primarily from middle income households. The dd’s DISCOUNTS stores offers its products at savings of 20% to 70% off moderate department and discount store regular prices every day. Its target customers typically come from households with moderate incomes.

Ross Stores

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