Ross Stores price target raised to $127 from $113 at BMO Capital

BMO Capital analyst Simeon Siegel raised the firm’s price target on Ross Stores to $127 from $113 and keeps an Outperform rating on the shares. The analyst cites the company’s earnings beat and guidance raise, with significantly better gross margins benefiting from lower freight costs. The firm adds that it continues to expect Ross Stores to take share longer-term, though it is recognizing challenging near-term macro dynamics on the company’s target demographic.