Costco price target raised to $630 from $615 at Loop Capital

Loop Capital raised the firm’s price target on Costco to $630 from $615 and keeps a Buy rating on the shares after the company’s September sales data, with U.S. comps performing better than expected. The firm remains positive on Costco’s usual everyday values from Kirkland private label, along with its “innovative new products and an exciting assortment of seasonal goods”. While Loop’s forecasts assume a deceleration in top-line in FY24 driven by the one fewer week, but if gas inflation continues, the firm believes that its $248B forecast may be “too conservative”.