Ross Stores is viewed cautiously by Gordon Haskett due to worsening traffic trend
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Gordon Haskett dropped its rating on Ross Stores (ROST
-0.9%) to Hold-Rated from Accumulate-Rated.
Analyst Chuck Grom noted footfall levels into Ross Stores (NASDAQ:ROST) locations have noticeably retreated over the last quarter and sequentially worsened from October right into February.
Despite the retailer's track record of beating earnings estimates, Grom said he does not see that unfolding this quarter. After running the numbers, Grom and team modeled Ross Stores' (ROST) Q4 EPS and 2022 EPS below the consensus marks. Gordon Haskett's new price target of $106 on ROST is based on 20X the 2022 EPS estimate of $5.20.
Ross Stores (ROST) is expected to post earnings during the first week of March.
Analyst ratings scorecard on Ross Stores: 17 Buy-equivalent ratings or higher, 8 Hold-equivalent ratings and no Sell-equivalent ratings.