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Costco Targets Lifted at Jefferies, Oppenheimer on At-Dwelling Developments

Costco shares firmed Thursday as the enormous warehouse retailer obtained target-price will increase from not less than two analysts primarily based on its August gross sales report.



a group of people standing in front of a crowd: Costco Targets Lifted at Jefferies, Oppenheimer on At-Home Trends


© TheStreet
Costco Targets Lifted at Jefferies, Oppenheimer on At-Dwelling Developments

Within the 4 weeks ended Aug. 29, Costco posted web gross sales of $15.75 billion, up 16% from $13.56 billion within the year-earlier month.

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Jefferies analyst Stephanie Wissink raised her value goal to $525 from $500, conserving her score at purchase.

“We increase our This autumn web gross sales estimate to $61.4 billion, according to reported outcomes and 4% forward of the $59.3 billion consensus,” she mentioned. “Our earnings per share [estimate] will increase to $3.74 versus the $3.50 consensus.”

Oppenheimer analysts raised their value goal to $500 from $480, sustaining their outperform score.

“COST continues to capitalize on robust food-at-home consumption traits and an ongoing strong shopper spending backdrop for extra discretionary purchases,” they wrote.

“The membership channel stays the brightest a part of our meals retailing/discounter protection.

“We proceed to rank COST as a high choose and are once more lifting our estimates.”

J.P. Morgan’s Christopher Horvers affirmed his chubby score and $475 value goal.

“We proceed to imagine that COST is a core long-term holding and that it has so typically confirmed that it may be a winner in numerous environments (throughout the monetary disaster, throughout a pro-consumer discretionary interval, throughout a pandemic, and so on.),” he wrote.

“As 2021 progresses, whether or not the buyer is consuming extra at house or feeling adequate to interact within the treasure hunt environment of its 140,000-square-foot shops (or to make use of its enticing journey choices), we see COST as a share gainer.”

Costco shares lately traded at $460.60, up 0.9%.

This text was initially revealed by TheStreet.

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