UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on Costco Wholesale Corporation Following UK Investor Meetings

In a report published Wednesday, Piper Jaffray reiterated its Overweight rating on Costco Wholesale Corporation COST, and raised its price target from $110.00 to $116.00. Piper Jaffray noted, “Yesterday, we hosted investors in the UK for meetings with local management as well as a tour of a warehouse which left us incrementally encouraged on the international expansion story. Accelerating unit growth in international markets and its associated favorable margin mix shift over the next several years will be a key catalyst for earnings growth and after meeting with the UK team in addition to its Japanese team approximately one year ago, we believe COST has the right people in place to successfully execute its plan.” Costco Wholesale Corporation closed on Tuesday at $103.15.