Wells Fargo upgrades Ross Stores to Overweight, raises target to $150

As previously reported, Wells Fargo upgraded Ross Stores (ROST) to Overweight from Equal Weight with a price target of $150, up from $140. The firm cites its more defensive nature, strong balance sheet/free cash flow and levers in place to sustain P&L metrics. While Ross Stores is clearly dealing with more volatility than is typical for their model, Wells sees today’s valuation as near-trough and would also expect a much better relative performance in a slower macro tape.