Costco price target raised to $595 from $590 at Evercore ISI

Evercore ISI raised the firm’s price target on Costco to $595 from $590 and keeps an Outperform rating on the shares. Costco’s August sales “nearly wrapped up FY24,” with the sole remaining portion attributable to the 53rd week, says the analyst, Given historical selling trends and the comp cadence, Q4 revenue should come in about $500M higher than anticipated, prompting a “modest revision” to Evercore’s Q4 EPS estimate, which moves to $4.86, or 7c above consensus, the analyst tells investors.