Oppenheimer has maintained its Outperform rating on Costco Wholesale (NASDAQ: NASDAQ:COST) and increased its price target to $955 from the previous $925.
The adjustment follows Costco's announcement of a 6.7% rise in adjusted U.S. comparable sales, excluding gas, for August.
The company also reported a significant 23.3% growth in consolidated e-commerce sales.
Costco's non-foods category experienced a low double-digit increase in August, contributing to the company's robust performance. Oppenheimer attributes this success to Costco's effective merchandising strategies, which include offering an attractive array of discounted gift cards, enhancing the non-foods category's appeal to consumers.
In other recent news, Costco Wholesale has seen a series of adjustments to its stock target following robust sales performance in August and the fourth fiscal quarter. Stifel maintained a Buy rating on the company, raising the price target to $915 based on strong sales growth and positive earnings per share estimates for the fiscal years 2024 and 2025.
Similarly, Baird maintained an Outperform rating with a revised price target of $975, highlighting Costco's consistent global core comparable sales and a slight increase in its fourth-quarter earnings per share forecast.
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