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Fly News Breaks for August 26, 2019
ROST
Aug 26, 2019 | 08:06 EDT
DA Davidson analyst John Morris raised his price target on Ross Stores to $105 after its Q2 results that showed an incremental improvement in women's category. The analyst is also keeping his Neutral rating, saying the company's Q2 earnings beat would have been in-line if not for the 2c benefit from an expense timing shift. Morris further believes that Ross Stores Q3 guidance was "conservative" in accounting for the impact of the recent news on the List 4 tariffs on apparel and footwear categories but "respectable", calling for comp growth of 1%-2%, while also citing his expected decline in freight related costs abating in the back half of 2019.
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