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The analyst noted continuing positive momentum and that the company is poised for ongoing share growth.
Chen said record renewal rates and Executive Memberships are compelling leading indicators.
Deutsche Bank analyst Krisztina Katai raised Costco's price target to $468 from $424 (implying a 2.5% upside) and kept a Hold rating.
Katai said Costco started out the fiscal year "firing on all cylinders."
Loop Capital analyst Laura Champine kept her Buy rating and $515 price target on Costco after its better than expected September sales data.
The analyst is cutting her FY23 EPS view by 3c to $13.26 on expectations of impact from higher supply chain costs but also raises her Q1 sales forecast by about $500 million to $48.0 billion.
The company's long-term growth and stability deserve modestly higher multiples, and the stock should appreciate as earnings estimates are upwardly revised, Champine notes.
DA Davidson analyst Michael Baker maintained his Neutral rating and $423 price target on Costco but nudged his FY22 and FY23 EPS views by 2 cents to $11.81 and $12.84, respectively.
The analyst notes that the company's core U.S. comp at 10% reported yesterday was ahead of his estimate of 5.0% and equates to 26.7% on a two-year basis, which represents the highest level of increase on record that goes back to 2014.
Price Action: COST shares are trading higher by 1.49% at $455.82 on the last check Thursday.
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