Costco price target raised to $890 from $840 at Loop Capital

Loop Capital raised the firm’s price target on Costco to $890 from $840 and keeps a Buy rating on the shares after its Q3 earnings beat last week. The firm sees more improvements to the company’s SG&A rate over time, based on the comments from the new CEO on the earnings call. Costco’s core comps also grew faster in international markets, driving the overall upside, and its e-commerce grew a strong 21% as the company continues to tout its selection and works to improve an outdated consumer interface, Loop Capital tells investors in a research note.