Analyst Upgrades: Intuit, Foot Locker, and Ross Stores

Analysts upwardly revised their ratings on Intuit Inc. (NASDAQ:INTU), Foot Locker, Inc. (NYSE:FL), and Ross Stores, Inc. (NASDAQ:ROST)

May 22, 2015 at 9:06 AM
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Analysts are weighing in today on TurboTax parent Intuit Inc. (NASDAQ:INTU), shoe seller Foot Locker, Inc. (NYSE:FL), and discount retailer Ross Stores, Inc. (NASDAQ:ROST). Here's a quick roundup of today's bullish brokerage notes on INTU, FL, and ROST.

  • INTU is getting some positive attention this morning, following last night's earnings beat and hiked sales guidance. Specifically, no fewer than six brokerage firms raised their price targets on the stock, with both Jefferies and UBS setting the bar at $120. Additional price-target hikes could be in line, considering Intuit Inc.'s average 12-month price target of $98.38 sits at a discount to last night's close at $104.16. Potential upgrades are also possible, as eight analysts consider INTU a "hold" or worse, versus five "buy" or better recommendations. Technically speaking, the shares hit a record high of $104.74 yesterday, and could take out that milestone this morning -- perched 0.8% higher ahead of the open.

  • FL is also feeling the love after reporting better-than-expected first-quarter results and a nearly 8% rise in same-store sales. Deutsche Bank upped its price target on the stock to $71 from $69, and reiterated its "buy" opinion. In addition, the firm said unwarranted concerns about a slowdown in sneaker sales offer an opportunity to own FL at a discount, and predicted double-digit long-term earnings growth for the retailer. On the charts, Foot Locker, Inc. has been a long-term outperformer, rallying nearly 14% year-to-date to rest at $64, and touching a record high of $64.38 yesterday -- a mark that could get topped this morning, with the shares pointed up 2.8% in electronic trading. Nevertheless, traders at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) have expressed reservations. FL's 10-day put/call volume ratio across those exchanges is 2.52, which ranks in the 95th percentile of its annual range.

  • ROST is getting showered with positive attention, too, following a successful turn in the earnings confessional and an upwardly revised full-year outlook. Specifically, UBS and Jefferies raised their respective price targets to $103 and $102 -- though both are a hair's breadth from Thursday's close at $101.55. It's been a sensational year for Ross Stores, Inc., which has soared 49% year-over-year -- despite spending most of the past three months churning in the $100-$108 range. Should the stock break out on the aforementioned developments, additional bullish brokerage notes are a possibility. Twelve of 19 analysts still consider ROST a tepid "hold," and its average 12-month price target of $106.50 stands at a slim 5% premium to current trading levels.
 

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