UPDATE: Morgan Stanley Raises PT to $113 and Reiterates Costco at Overweight on Company Focus

Morgan Stanley analyst Mark Wiltamuth published a report on Costco

that reiterated its Overweight rating and raised price target from $109 to $113. Morgan Stanley reported that, “We are raising our price target to $113 from $109 as Costco remains our preferred safe haven in staples retailing. In our view, Costco's ability to deliver consistent mid single digit traffic trends in the face of a variety of economic landscapes highlights the strength of its customer loyalty driven business model. Looking forward, we see Costco's ramping international expansion as the next growth driver. Given the company's attractive long-term prospects, Costco was selected as one of the featured stocks in Morgan Stanley's 20 for 2016 report, which was published on March 14.” Shares of Costco closed at $101.68 on Monday.