Costco price target raised to $905 from $850 at Oppenheimer

Oppenheimer analyst Rupesh Parikh raised the firm’s price target on Costco to $905 from $850 and keeps an Outperform rating on the shares after the company reported a May adjusted U.S. comp increase of 5.7%. Due to the 53rd week, the firm says it is unable to accurately depict monthly stacked comp trends. However, the company once again saw broad-based top-line strength with growth across all key categories. The May sales report reinforces Oppenheimer’s confidence in Costco’s ability to deliver comps in the mid-single digits on a sustained basis.