Costco price target raised to $725 from $619 at Truist

Truist raised the firm’s price target on Costco to $725 from $619 and keeps a Buy rating on the shares as part of a broader research note on Hardlines/Broadlines Consumer names. Retail could be poised for solid outperformance for FY24 following slight and rare underperformance in FY23 despite investor concerns over inflation and higher interest rates as consumers continue to spend, especially if the Fed is at/near the end of their tightening cycle, the analyst tells investors in a research note. Truist adds that the company continues to drive solid sales growth given its extreme value proposition, which is allowing it to gain further market share due to lingering consumer pressures.