- Telsey Advisory Group analyst Joseph Feldman reiterated its Outperform rating on Costco Wholesale Corp COST shares with a price target of $590 (17% upside).
- The company reported a 20.4% increase in sales for the retail month of June to $22.78 billion.
- The analyst noted Costco reported an impressive June comparable sales growth of 18.1%, which is almost unheard of in retail these days.
- Feldman cited that Costco is performing well amidst a tough operating macro environment.
- He added that the company is likely to remain a share gainer, aided by strong sales and high membership renewal rates.
- Price Action: COST shares are trading higher by 1.60% at $502.85 on the last check Friday.
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