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Deutsche Bank raised its price target on Costco Wholesale Corporation (NASDAQ: COST) from $128 to $130 in its 4Q EPS and September SSS Preview.
Analyst Paul Trussell was strong in his praise for the company, writing that "Costco continues to be one of our favorite long-term Buy ideas driven by best in class sales productivity, impressive SSS growth, strong customer loyalty and membership renewal rates, at least 40 percent door growth opportunity, a natural margin tailwind through International expansion, and a strong b-sheet that is supportive to the bottom line."
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The bullish sentiments echoed Oppenheimer's recent report.
Trussell noted that he believes Costco "produced another strong comp in September with consistency in food sales, strong growth in softlines (apparel, jewelry, & housewares), as well as a solid gains in hardlines."
The analysis included "50 basis points of FX headwind and flattish impact from gas" and projected a "headline comp of +7.0 percent in September, which will be reported Wednesday in conjunction with 4Q earnings."
Trussell raised his FY 2015 EPS estimate to $5.53 with a P/E of 23.5x.
Costco Wholesale Corporation recently traded at $126.15, down 0.74 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.