Piper Jaffray Boosts Comp and EPS Estimates on Costco (COST), But Keeps Neutral Rating
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Piper Jaffray raised its August comp and EPS estimates on Costco (Nasdaq: COST), but is maintaining a Neutral rating.
Specifically, Piper bumped its August comp estimate on Costco to 11% based on easy comparables, strong sales trends, and a large positive impact from gas sales. The firm's Q4 EPS estimate went from $0.91 to $0.93, which compares favorably to the consensus of $0.92.
The firm is maintaining its Neutral rating and $65 price target, saying the stock is fairly valued at 20x their FY09 EPS estimate of $3.26.
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