Costco Wholesale (COST) PT Raised to $390 at Telsey Into April Sales Report

Telsey analyst Joseph Feldman raised the price target on Costco Wholesale (NASDAQ: COST) to $390.00 (from $375.00) while maintaining an Outperform rating ahead of April sales on Wednesday, May 5.

The analyst commented, "We forecast a total comp of 27.3% vs. (4.7%) last year. Excluding a projected net gas and FX tailwind of ~780 bps, we estimate a core merchandise comp of 19.5% vs. (0.5%) last year, with a US comp, ex-gas, of 19.0% vs. 0.0% a year ago. The April sales report should benefit from a favorable timing shift of Easter into March, which we estimate added 200-250 bps. Costco also should benefit from lapping the strict COVID-19 restrictions from April 2020. Overall, we expect another solid monthly sales report, highlighting Costco's high member loyalty, focus on value, and ongoing improvement in digital."

You May Also Be Interested In

• Opthea Ltd. (OPT) PT Raised to $18 at Oppenheimer
• Blue Foundry Bancorp (BLFY) PT Lowered to $8 at Keefe, Bruyette & Woods
• Acrivon Therapeutics Inc (ACRV) PT Raised to $30 at Piper Sandler