Costco Higher Following China Store Opening
Costco Wholesale Corporation (NASDAQ: COST) shares are trading higher by 4% after the company opened its first store in China.
In a note out Tuesday morning, Morgan Stanley said, "After slowing for the past four years, international growth could accelerate to ~7% by 2024 from ~3% in 2019e, with a small kicker from China."
Morgan Stanley maintained an Equal-Weight rating and $230 price target on Costco's stock.
"It’s very likely that Costco becomes a key retailer in China as the growing middle class — which is triggering investments in larger living spaces and creating more income — drives demand to buy in bulk (which is still a rather unique model in the country)," according to Yahoo Fiance's Brian Sozzi.
Costco shares traded around $289.77 at time of publication. The stock has a 52-week high of $290.65 and a 52-week low of $189.51.
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Photo credit: Tony Webster, via Wikimedia Commons
Latest Ratings for COST
Jul 2019 | Maintains | Outperform | ||
Jul 2019 | Maintains | Neutral | ||
Jul 2019 | Maintains | Buy |
View More Analyst Ratings for COST
View the Latest Analyst Ratings
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