Cowen analyst Oliver Chen reiterated an Outperform rating and boosted her price target on Costco Wholesale (NASDAQ: COST) to $165.00 (from $160.00) following Q2 results. The analyst told clients not to get distracted by Gas/FX and just own the stock.

Chen commented, "We con't to view COST as a core LT holding given envious traffic (+MSD vs. +MSD LY), steady comps, early stage e-com (+23% y/y at ~3% of sales) & attractive capital return (~3% FCF yield, spec. div, & ~$3B net cash). We acknowledge slight uptick in gas $ could limit 2H GM upside, but believe steady membership fee, traffic & comps key for stock upside."

The firm raised FY 2015 EPS from $5.19 to $5.30, FY 2016 EPS from $5.69 to $5.75 and FY 2016 EPS from $6.44 to $6.50.

For an analyst ratings summary and ratings history on Costco Wholesale click here. For more ratings news on Costco Wholesale click here.

Shares of Costco Wholesale closed at $151.17 yesterday.