Costco Wholesale (COST) PT Raised to $980 at Oppenheimer

Oppenheimer analyst Rupesh Parikh raised the price target on Costco Wholesale (NASDAQ: COST) to $980.00 (from $955.00) while maintaining a Outperform rating.

The analyst commented: "On 10/9 after the close, COST reported a September adjusted US comp increase of 9.3% (ex. gas) fueled by an ~2 percentage point bump due to abnormal consumer activity related to port strikes and Hurricane Helene. This is consistent with our positive store checks that we highlighted last week for COST and the club channel. Non-foods remained a bright spot increasing in the low-teens again fueled by jewelry (gold bars) and gift cards. We continue to expect strong top-line momentum to persist for the balance of the year driven by the company's superior merchandising prowess and its unique value proposition. We also believe COST could see a N-T membership bump related to more stringent membership-card-checking efforts. We expect a positive read-through for both BJ and Sam's Club related to similar benefits from abnormal consumer activity."

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