ROST - Why Ross Stores Stock Was Up 10% This Week
Ross Stores (NASDAQ: ROST) shareholders beat the market this week as the stock gained 10% by 10 a.m. ET on Friday. That boost was enough to trounce the 2.1% spike in the wider market, according to data provided by S&P Global Market Intelligence .
The rally put the off-price retailer's stock slightly above the 20% decline in the S&P 500 year to date. Shares are down 17% so far in 2022. The move higher was sparked by growing optimism on Wall Street about the company's short-term growth prospects.
Ross Stores caught a head-turning upgrade earlier in the week when a Wells Fargo analyst called the stock a buy and raised the short-term price target to $110 per share from $90 per share. The company should do well in the current selling environment, the analyst predicted, and into 2023 as consumers look to save money with off-price shopping.
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Why Ross Stores Stock Was Up 10% This Week