Costco price target raised to $525 from $510 at Wells Fargo

Wells Fargo raised the firm’s price target on Costco to $525 from $510 and keeps an Equal Weight rating on the shares. The firm notes that Costo’s September sales were about in-line and exhibited a modest sequential improvement in the 4-year trend. Results clearly remain solid against a tough backdrop, but Wells struggles with risk/reward at the current multiple.