Costco (COST) is expanding its footprint with new stores opening next month in Little Rock, Arkansas, and Moore, Oklahoma. The retailer has entered into an arrangement with Dogness (DOGZ) to feature its smart pet products in the new stores. Dogness stock jumped 16.37% on Thursday following the announcement. (See Dogness stock analysis on TipRanks)
Founded in 2003 and boasting more than 200 patents and pending patents, Dogness makes and sells pet products, including hygiene items. In the new stores, Costco will feature products such as Dogness Smart Treat Dispenser, Dogness Smart Fountain Plus, and Smart Cam iPet Robot.
Featuring Dogness in the new stores is just the start. The partners plan a broader rollout to other Costco locations in October in preparation for the 2021 holiday season. (See Costco stock analysis on TipRanks)
Dogness CEO Silong Chen commented, “We are excited to be further expanding our relationship with Costco, a valued partner. Costco will prominently feature several of our best-selling smart pet products, which will help further raise awareness and drive sales…This is an ideal partnership with extensive additional upside as we continue to outperform, expand to a larger scale and into more stores.”
Jefferies analyst Stephanie Wissink recently reiterated a Buy rating on Costco stock and raised the price target to $445 from $410. The analyst’s new price target implies 16.18% upside potential.
“Survey results are consistent with COST monthly results as members report high levels of engagement, cross category shopping, and renewals. COST members are increasingly digitally engaged and more interested in grocery pickup vs. fall survey,” observed Wissink.
Consensus among analysts is a Strong Buy based on 19 Buys and 4 Holds. The Costco average analyst price target of $416.76 implies 8.81% upside potential to current levels.
Costco scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.
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