Analyst Corey Tarlowe from Jefferies reiterated a Buy rating on Costco (COST – Research Report) and keeping the price target at $1,145.00.
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Corey Tarlowe has given his Buy rating due to a combination of factors reflecting strong performance metrics from Costco. The company’s January sales figures showed robust growth, with net sales increasing by 9.2% and core comparable sales rising by 9.8%. This growth was supported by a notable performance in e-commerce, which saw a 15.2% increase on an adjusted basis.
Moreover, Costco’s sales were strong across various departments, with positive comparable sales in non-food items, fresh produce, food and sundries, and ancillary services. The company experienced increased traffic worldwide, and specific regions such as the Midwest, Northwest, and San Diego in the U.S., along with Korea internationally, performed exceptionally well. These positive sales trends and regional performances contribute to the confidence in Costco’s growth potential, justifying the Buy rating.
In another report released today, Oppenheimer also maintained a Buy rating on the stock with a $1,130.00 price target.