Costco price target raised to $478 from $470 at DA Davidson

DA Davidson analyst Michael Baker raised the firm’s price target on Costco to $478 from $470 and keeps a Neutral rating on the shares after its December sales data. Comps improved in the five weeks ending January 1, and the company is the first major retailer to provide an indication of a rebound vs. November, the analyst tells investors in a research note. December comps are not only positive for Costco but for the near term retail outlook in general, Baker adds.