Bernstein downgraded Ross Stores (ROST) to Market Perform from Outperform with a price target of $165, down from $178. With a maturing store base, less productive new stores, and a lower income consumer, Ross should see a gradual deterioration in its 10% EPS growth algo over the coming years, unless the new CEO could drive a step change in the growth trajectory of the business, the firm argues.
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