Costco Wholesale (COST) July Comps May Be Light Due To One Less Selling Day - Piper Jaffray
- Tesla lifts Nasdaq to record-high close, S&P 500 dips
- Bitcoin (BTC) Recovers to $34,000 as Analysts Insists Crypto Winter Won't Repeat Again
- Dollar edges higher as Fed debate over inflation continues
- Cathie Wood's ARK Buys ~$77M in Bitcoin-Related Securities Yesterday on Dip
- Microsoft (MSFT) Price Target Raised to 'Street High' $325 at Wedbush as Cloud Story Is Not Slowing Down
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
Piper Jaffray analyst, Sean Naughton, reiterated his Overweight rating on shares of Costco Wholesale (NASDAQ: COST) ahead of the July sales release this Wednesday evening.
July comparable sales should be lighter due to one less selling day this year from a shift in the calendar. The analyst estimates reported comps will be down 3% to 5% and down 0% to 2% ex-gas/FX; adjusting for the July 4th shift (300bp est. impact). The analyst we believes core comparable sales are roughly up 1% to 3%. Costco is set to increase the membership fee in Asian markets, which can contribute $0.04 to EPS over the next 24 months. Comments from Citigroup indicate new signups are tracking ahead of expectations and catalysts still exist (including a potential membership fee increase domestically) to drive improving fundamentals in FY17.
No change to the price target of $171.
Shares of Costco Wholesale closed at $167.56 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Oppenheimer Starts Lightening eMotors (ZEV) at Outperform
- Tamarack Valley Energy Ltd. (TVE:CN) PT Raised to Cdn$3 at Canaccord Genuity
- Orora Ltd. (ORA:AU) (ORRAF) PT Raised to AUD3 at JPMorgan
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View
Related EntitiesPiper Jaffray, Citi
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!