BMO Capital raised the firm’s price target on Costco to $700 from $612 and keeps an Outperform rating on the shares. The company’s Q1 results were “solid”, backed by consistently strong metrics across several fronts, including all-time high membership fees, the analyst tells investors in a research note. BMO’s price target increase also reflects Costco’s “uniquely positioned” business model that continues to demonstrate consistency, along with its extreme value positioning relative to peers, the firm added.
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