Ross Stores, Inc. (ROST) is gearing up to release its third quarter earnings results after the closing bell on Thursday, and Wall Street's expecting a bit of a mixed bag.

The Dublin, California-based discount retailer is projected to post earnings of $1.42 per share, which would represent a decline from the $1.48 per share reported in the same quarter last year. On the revenue side, though, things look brighter—analysts are forecasting $5.41 billion compared to $5.07 billion in the year-ago period.

The company's last earnings report in August brought better-than-expected second quarter results, which helped keep momentum going. Ross Stores shares edged up 0.3% on Thursday to close at $160.45.

What The Most Accurate Analysts Are Saying

Ahead of the earnings call, several top-performing Wall Street analysts have updated their positions on Ross Stores. Here's what they're thinking:

Telsey Advisory Group analyst Dana Telsey maintained a Market Perform rating with a $160 price target on November 13. This analyst has a 61% accuracy rate.

TD Cowen analyst John Kernan kept his Buy rating while raising the price target from $170 to $174 on November 10. Kernan's accuracy rate stands at 66%.

UBS analyst Jay Sole maintained a Neutral rating but bumped up the price target from $147 to $163 on November 5. Sole has a 67% accuracy rate.

Wells Fargo analyst Ike Boruchow maintained an Overweight rating and increased the price target from $175 to $180 on October 27. Boruchow boasts the highest accuracy rate among this group at 72%.

Citigroup analyst Paul Lejuez kept his Buy rating while raising the price target substantially from $146 to $171 on October 13. Lejuez has a 64% accuracy rate.

The consensus among these top-rated analysts leans optimistic, with most maintaining positive ratings and several raising their price targets in recent weeks. It'll be interesting to see whether Thursday's results validate that bullish sentiment or if the expected earnings decline gives investors pause.