Ross Stores hits record high on annual profit forecast raise; brokerages lift PT
Updates
** Ross Stores' ROST.O shares jump as much as 7.3% to a record high of $163.60in afternoon trading
** The off-price retailer raises FY24 profit forecast and tops Q2 results, helped by strong demand and freight costs easing
** Co expects annual EPS in the range of $6.00-$6.13, up from prior forecast of $5.79-$5.98
** At least 10 brokerages increase PT after results
** Telsey Advisory Group raises PT to $175 from $160
** Says demand for ROST driven by consumers seeking value offerings in the current macro climate
** Jefferies lifts PT to $161 from $147, adds that increased penetration of brands and sharp-ended price focus helped co
** Including session moves, ROST up about 12% YTD
Reporting by Ananya Mariam Rajesh and Anuja Bharat Mistry in Bengaluru
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