Ross Stores in a 'Sweet Spot'—Buy Now: Analyst
Most off-price retailers are in a “sweet spot” right now and investors should take advantage of Ross Stores stock in particular, according to Patrick McKeever, managing director and senior analyst at MKM Partners.
Shares of Ross Stores hit an all-time high Mondayand have surged almost 50 percent in the past year. Despite the rally, McKeever said the stock has further room for growth.
“[Ross] has been a great momentum play in retail,” McKeever told CNBC. “They just reported September sales last Thursdayand saw a 5 percent increase for the month in same-store sales and also raised their third quarter earnings guidance by about 15 percent…So the momentum is intact.”
McKeever also added that the firm is an “early stage growth retailer,” adding that they just opened 12 new stores in Chicago.
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No immediate information was available for McKeever or his firm.