Analyst Note
| Zain Akbari, CFA |Our $88 per share valuation of narrow-moat Ross should rise by a mid-single-digit percentage after it saw better third-quarter results than we had expected. Still, the near term carries much risk, and while we continue to expect mid-single-digit percentage top-line growth and low-teens operating margins long term, we suggest prospective investors await a larger margin of safety.