BUZZ-Ross Stores falls after Citigroup downgrades to 'neutral'

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BUZZ-Ross Stores falls after Citigroup downgrades to 'neutral'

Reuters11-12

** Off-price retailer Ross Stores' shares down ~1.31% at $140.5 premarket

** Citigroup downgrades ROST to "neutral" from "buy" rating, says upcoming CEO transition creates uncertainty

** ROST named James Conroy as next CEO, effective Dec, 2

** Brokerage says CEO is coming from outside the off-price industry, which introduces more uncertainty

** Citigroup cuts PT to $152 from $179, which still represents a 6.8% upside to stock's last close

** 18 of 23 brokerages rate ROST stock "buy" or higher, 5 "hold"; their median PT is $175 - LSEG data

** As of last close, stock up ~2.9% YTD

(Reporting by Prakhar Srivastava in Bengaluru)

((Prakhar.srivastava2@thomsonreuters.com))

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