UBS Upgrades Ross Stores to Buy With $315 Target

UBS upgraded the stock rating of Ross Stores from neutral to buy and increased its price target to $315 from $239. The investment bank cited increased productivity under the leadership of CEO James Conroy, who joined the company in February 2025.

UBS analyst Jay Sole noted that Ross is closing a productivity gap with its primary competitor, TJ Maxx, through improvements in marketing, merchandising, and in-store operations. While Ross saw a 24% productivity increase by the end of 2025 compared to a 44% increase for TJ Maxx, UBS projects a compound annual growth rate of approximately 8.5% over the next two years.

This projection is roughly 260 basis points above consensus estimates. The upgrade follows a period where Ross shares declined 4% over three months. Sole indicated that the market has not yet fully accounted for how closing this productivity gap will drive same-store sales growth in fiscal year 2027 and beyond.