Costco attracts higher price target from Oppenheimer with comparable sale still strong
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Oppenheimer is more constructive on Costco (NASDAQ:COST) after the retailer reported comparable sales in the U.S. rose 10.7% during May in an indication that demand remains strong.
Analyst Rupesh Parikh noted that U.S. comparable sales were up 34.% in May on a three-year stacked trend basis vs. +33.0% in April and +36.1% in March.
Looking ahead, Parikh and team still see the potential for bumps along the way for the retailer driven by near-term margin headwinds, but Costco (COST) remains slotted as a top sector pick. The advice doled out to investors is to take advantage of any ongoing volatility in the stock.
Oppenheimer upped its price target to $525 from $500 vs. the 52-week trading range of $377.12 to $612.27.
Dig into Costco's (COST) May sales report.