Ross Stores Opens 18 New Locations; Co Targeting ~90 Openings In 2024

/ / Consumer Discretionary /

TARGETING APPROXIMATELY 90 OPENINGS IN 2024 DUBLIN, Calif., March 11, 2024 /PRNewswire/ — Ross Stores, Inc. opened 11 Ross Dress for Less (“Ross”) and seven dd’s DISCOUNTS stores in 11 different states in February and March. These new locations are part of the Company’s plans to add approximately 90 new stores, comprised of about 75 Ross and 15 dd’s DISCOUNTS, during fiscal 2024. “This Spring, we continued to expand the store base of both Ross and dd’s. Specifically for Ross, we expanded our presence in the newer markets of Michigan and New York, while dd’s growth primarily focused on existing markets of California, Florida, and Texas,” said Gregg McGillis, Group Executive Vice President, Property Development. “We now operate a total of 2,127 Ross Dress for Less and dd’s DISCOUNTS locations across 43 states, the District of Columbia, and Guam. As we look out over the long term, we remain confident […]

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P&G Seen Benefiting From Organic Volume Growth

/ / Consumer Staples /

Procter & Gamble will likely outperform its peers as a result of its improving volume numbers and a normalized macroeconomic environment, Truist Securities analysts say in a research note. The consumer goods giant’s return to volume growth in the latest quarter, excluding China, signals enterprise-level volume recovery in the coming quarters. “With minimal pricing expected in 2024, we believe investor focus has already turned to organic volume growth,” the analysts say. Truist raises the stock to buy from hold, and raises its target price to $175 from $160 previously.

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CFRA Maintains Hold Opinion On Shares Of Docusign, Inc.

/ / Technology /

CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows: We raise our 12-month target price by $5 to $65, applying an EV/sales multiple of 4.2x to our FY 2025 (Jan.) estimate, a slight premium to peers, reflecting its dominant market share position. We raise our FY 2025 EPS estimate by $0.39 to $3.25 and set FY 2026’s at $3.48. DOCU reported Jan-Q operating EPS of $0.76 vs. $0.65, $0.11 above the consensus. Jan-Q revenue increased 8%, with 8% growth in subscription and a 13% increase in billings, driven by solid execution around renewals, especially with large customers. Net dollar retention continued to trend down to 89%, which we expect to continue into FY 2025 but at a moderating pace. While DOCU continues to face a number of headwinds, we are encouraged by Jan-Q results, as well

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Costco Wholesale Shows Positive Momentum Across All Metrics, BofA Says

/ / Consumer Discretionary /

Costco Wholesale (COST) is showing positive momentum across all metrics, BofA Securities said in a report emailed Monday. Costco’s fiscal Q2 adjusted earnings, excluding tax benefits, stood at $3.71 per share, ahead of estimates. The company’s overall comparable sales grew by 5.8%, propelled by a 5.3% rise in foot traffic. BofA said. “While investors had likely hoped for a membership fee increase, we believe current trends support continued strong [membership fee income] growth,” it added. The company’s membership fee income and trends are growing positively, with a 7.8% year over year increase in total member households, a rise in executive member penetration to 46.2% and an uptick in renewal rates to 92.9% in fiscal Q2, the report said. BofA expects strong member engagement from strategic initiatives including digital advertising and enhancements and adjusted the company’s fiscal 2024 EPS to $16.02 from $15.90 and fiscal 2025 EPS to $18.25 from $17.90.

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Adobe Poised for ‘Solid’ Fiscal Q1 Results, RBC Says

/ / Technology /

Adobe Systems (ADBE) is likely to post “solid” fiscal Q1 results with an upside to digital media annualized recurring revenue, RBC Capital Markets said in a note e-mailed on Monday. The software maker is scheduled to report fiscal Q1 results on Thursday. RBC projects non-GAAP earnings at $4.36 per share on revenue of about $5.13 billion. “While results should be positive, sentiment remains on the drivers of the results, specifically the incremental benefit from GenAI models and runway for future model rollouts particularly video, which has become a growing topic of investor interest following competitive product launches,” RBC analysts, including Matthew Swanson, said. The brokerage maintained its outperform rating on the stock, with a price target of $650.

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“Moderna Rises On New Skin Cancer Treatment Trial With Merck, Analysts Say” – Reuters

/ / Health Care /

Oppenheimer analyst Hartaj Singh cites Moderna’s share move to a notice on the U.S. clinical trials register that the company, along with Merck MRK.N, will begin testing their vaccine combination for the treatment of a form of skin cancer called cutaneous squamous cell carcinoma (CSCC) CSCC is the second-most common form of skin cancer in the U.S. Merck’s immunotherapy Keytruda along with Moderna’s MRNA-based vaccine are also being evaluated for the treatment of melanoma and non-small cell lung cancer Analysts at Jefferies say this being the third late-stage study for the vaccine combination speaks to continued confidence in a broad program

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