Ross Stores raised to Buy as Loop sees strong 2023 sales
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Ross Stores (NASDAQ:ROST) shares rose on Wednesday as Loop Capital shifted to a Buy rating as the firm sees upside to 2023 forecasts.

Equity analyst Laura Champine raised her rating from Hold to Buy and hiked her price target to $115 from a prior $105. She noted that inventory levels look normalized, creating an opportunity for upside to margin expectations. Additionally, same store sales look strong to start the year, per her channel checks.

âWe see improved brands and values in the company's stores. We think the company's outlook provided in February looks conservative as spending seems to be holding steady,â Champine wrote. âThe company has a history of guiding below consensus and then outperforming, and though the Covid era poked holes in that reputation, we see demand and supply reverting to more normalized levels in 2023.â

Shares of Ross Stores (ROST) gained 1.21% in premarket trading on Wednesday.
Read more on the earnings expectations for the company in 2023.