BMO Capital raised the firm’s price target on Costco to $875 from $800 and keeps an Outperform rating on the shares. The company reported a “modest” Q3 earnings beat amid continued strength in comps in all regions that was notably led by discretionary sales, the analyst tells investors in a research note. Costco’s 6.1% traffic growth and renewal rates remained robust, and the company’s strong merchant organization and future opportunities on digital, retail media, and personalization leave the firm “as bullish as ever” on the stock, BMO added.
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