Ross Stores price target lowered to $163 from $168 at UBS

UBS analyst Jay Sole lowered the firm’s price target on Ross Stores (ROST) to $163 from $168 and keeps a Neutral rating on the shares. UBS sees limited upside to Ross Stores’ valuation multiple following the Q4 earnings report, though the report suggests its underlying fundamentals remain mostly solid even as its core low-to-middle income customers experience meaningful macro pressure, the analyst tells investors in a research note. The firm believes Ross is capable of outgrowing department store peers over the next few years.