Citi raised the firm’s price target on Costco (COST) to $1,060 from $800 and keeps a Neutral rating on the shares following a transfer of coverage. The warehouse club business model is a “defensive yet discretionary retail experience that wins with consumers regardless of the economic backdrop,” the analyst tells investors in a research note. The firm views both BJ’s and and Costco as attractive unit growth concepts among the broader retail peer group based on strong membership offerings, stable same-store-sales growth, steady margins and long-term store growth potential. Citi likes both businesses but believes the stocks’ risk/rewards are balanced at these valuation levels.
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Read More on COST:
- Walmart’s (NYSE:WMT) Ramping Up to Take on Costco
- Broadcom tops $1T market cap on AI enthusiasm: Morning Buzz
- Costco price target raised to $935 from $909 at Truist
- Costco price target raised to $1,150 from $950 at Morgan Stanley
- Costco price target raised to $1,095 from $1,005 at Loop Capital
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
