Roth MKM raised the firm’s price target on Costco (COST) to $907 from $755 and keeps a Neutral rating on the shares after its Q1 earnings beat. The company is capturing a channel shift toward at-home consumption, though its renewal rates decreased by 10bps, with digital renewals weighing on growth, the analyst tells investors in a research note. Costco’s core gross margin returned to expansion however, and the company’s is proving to be “remarkably consistent” with strong share gains while offering “high ROIC opportunities”, Roth MKM added.
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