COSTCO (COST) PT Raised to $370 at Credit Suisse After Store Traffic Shows Remarkable Improvement
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Rating Summary:
23 Buy, 14 Hold, 0 Sell
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Up: 2 | Down: 3 | New: 2
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Credit Suisse analyst Robert Moskow raised the price target on COSTCO (NASDAQ: COST) to $370.00 (from $328.00) while maintaining a Neutral rating after the company reported 4Q adjusted EPS of $3.04 (GAAP of $3.13) on comp sales growth (ex-gas and FX) of 14%, which beat consensus of $2.85 and 10.4%. Store traffic improved significantly to a -1.2% decline from -4.1% in 3Q and basket size increased 12.7%.
The analyst stated "We believe Costco will emerge from the pandemic stronger because: 1) the growth in new memberships provides highly “sticky” cash flow; 2) Costco’s broad selection of high-quality merchandise will continue to attract consumers, even after mobility improves; and 3) the company’s e-commerce platform is progressing well".
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