Bernstein downgraded Ross's rating from “outperforming the market” to “synchronizing with the market,” and the target price was lowered from $178 to $165. As middle-income consumers are price sensitive, companies may not be able to achieve higher earnings per share growth through prices. The bank also believes that Jim Conroy, the new CEO of Ross Department Store, may change the company's strategic perspective.

Bernstein downgraded Ross's rating from “outperforming the market” to “synchronizing with the market,” and the target price was lowered from $178 to $165. As middle-income consumers are price sensitive, companies may not be able to achieve higher earnings per share growth through prices. The bank also believes that Jim Conroy, the new CEO of Ross Department Store, may change the company's strategic perspective.