Piper Jaffray Raises Price Target on Costco (COST)
Piper Jaffray reported on Wednesday that it has raised its price target on discount retailer, Costco Wholesale Corporation(COST).
The firm has maintained a “Overweight” rating, and has increased its price target on the company from $110 to $116. This price target suggests an 11% increase from the stock’s current price of $102.40.
An analyst from the firm commented, “yesterday, we hosted investors in the UK for meetings with local management as well as a tour of a warehouse which left us incrementally encouraged on the international expansion story. Accelerating unit growth in international markets and its associated favorable margin mix shift over the next several years will be a key catalyst for earnings growth and after meeting with the UK team in addition to its Japanese team approximately one year ago, we believe COST has the right people in place to successfully execute its plan.”
Costco shares were down 68 cents, or -0.65% during Wednesday morning trading. The stock has increased 17% in the past year.
The Bottom Line
Shares of Costco Wholesale Corporation(COST) have a 1.07% yield, based on Wednesday morning’s price of $102.52.
Costco Wholesale Corporation(COST) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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