ROST - Ross Stores guidance called conservative by BofA

Bank of America thinks guidance issued by Ross Stores (ROST) may be on the conservative side. Analyst Lorraine Hutchinson notes that Ross Stores is seeing strong sales for the home business and apparel is picking up as foot traffic returns. The firm lifts its price objective to $140 off a higher trading multiple of 27X the 2022 EPS estimate. The firm keeps a Buy rating in place as it calls Ross Stores well positioned to take share during the reopening and over the medium term as consumers focus on value and convenience. Shares of Ross Stores are up 1.95% premarket to $124.85 vs. the 52-week trading range of $79.46 to $134.22. Ross Stores topped Q1 revenue and EPS marks by a wide margin.

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Ross Stores guidance called conservative by BofA