Ross Stores Inc. /zigman2/quotes/202639496/composite ROST -2.05% was downgraded to market perform from outperform at Cowen on concerns that the off-price retailer is facing tough comparable sales as its lower-income customers feel the squeeze of inflation. Analysts note the higher levels of spending in recent months, facilitated by stimulus payments. "This broad level of spending is unsustainable, in our view," Cowen says. Ongoing supply chain disruption is also a factor. "[W]e think consensus estimates underestimate inflationary headwinds in the near-to-medium-term which may represent a challenge to the company's margin structure," the note said. "We remain constructive on long-term market share opportunity for off-price retail in general." Ross stock has slumped 7.2% in 2021 while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -1.89% has gained nearly 25% for the period.