Costco Wholesale (COST) PT Raised to 'Street High' $445 at Jefferies

Jefferies analyst Stephanie Wissink raised the price target on Costco Wholesale (NASDAQ: COST) to $445.00 (from $410.00) while maintaining a Buy rating.

The analyst commented, "Survey results are consistent with COST monthly results as members report high levels of engagement, cross category shopping, and renewals. COST members are increasingly digitally engaged and more interested in grocery pickup vs. fall survey. We raise Q2 total co comp est. from +13.9% to +19.9%,reflecting strong QTD results, ahead of +15.0% cons. We model GM% -18bps Y/Y vs.-56bps cons. and SG&A -51bps vs. -54bps cons, resulting in Q2 Adj-EBIT/EPS of $1.46B/$2.37, ahead of cons. $1.42B/$2.31 est. $445 PT is 22x our FY22E EV/EBITDA."

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