Costco price target raised to $955 from $925 at Oppenheimer

Oppenheimer analyst Rupesh Parikh raised the firm’s price target on Costco to $955 from $925 and keeps an Outperform rating on the shares. Costco reported August adjusted U.S. comps increased 6.7% excluding gas and consolidated e-commerce growth of 23.3%, with the non-foods category up low double-digits, the analyst tells investors in a research note. The firm believes Costco’s merchandising efforts, including an attractive assortment of discounted gift cards, have contributed to a meaningful improvement in non-foods category trends lately, and expects strong top-line momentum to persist for the balance of the year. The firm would take advantage of any dips.