Costco Wholesale (COST) PT Raised to $410 at Jefferies
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Jefferies analyst Stephanie Wissink raised the price target on Costco Wholesale (NASDAQ: COST) to $410.00 (from $405.00) while maintaining a Buy rating.
The analyst commented, "March comps +11.1% (-120bps M/M) were solildly ahead of our +5.9% Q3 est. (cons.+11.7%), despite 150-200bps headwind from Easter shift. 2yr basis, +23% core is roughly inline with Feb-exit rate and only -100bps M/M. Ticket -150bps & traffic +330bps M/M.Non-food merch strong, +mid-50%. Food & Sundries -MSD%. We raise Q3 ests. to reflect cont. momentum. Q4 compares steepen but biz showing early ability to "comp the comp"& retain class of 2020 members."
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