Telsey upgrades Ross Stores to Outperform after ‘healthy’ beat

As previously reported, Telsey Advisory upgraded Ross Stores (ROST) to Outperform from Market Perform with a price target of $240, up from $220. The company reported a “healthy earnings beat in the important holiday quarter,” the analyst tells investors in a research note. The firm is encouraged by Ross’ “broad-based strength” and “more compelling” assortment. Telsey believes Ross can continue to benefit from secular growth in the off-price channel as lower income consumers seek value. The stock in premarket trading is up $12.85 to $210.49.