Costco price target raised to $850 from $805 at Oppenheimer

Oppenheimer raised the firm’s price target on Costco to $850 from $805 and keeps an Outperform rating on the shares ahead of quarterly results. The firm expects a largely in-line print with its Q3 EPS expectation of $3.67 unchanged vs. a Street forecast of $3.71. Costco shares have historically traded mixed on prints, so Oppenheimer would continue to take advantage of any profit taking should it materialize. Looking forward, the firm believes Costco remains well-positioned to continue gaining material market share driven by the company’s superior value proposition and leading merchandising capabilities.