Wall Street had a variety of positivity to say about Costco’s earnings report last Thursday, as shoppers flocked to the big-box club’s stores and website. Costco’s earnings per share for its fiscal third quarter were $3.78, beating the $3.70 expected by analysts surveyed by LSEG. Revenue was $58.52 billion, versus the consensus estimate of $58.07 billion. E-commerce growth was driven by electronics, gold bullion and silver coins, and gift cards, Bank of America identified in a note Friday. The bank believes Costco will proceed to learn from digital improvements and membership growth. COST 1Y Berg Costco’s one-year performance Bank of America analyst Robert Ohmes reiterated his Buy rating and raised his price goal to $874 from $865, representing nearly 8% upside from Friday’s closing price. “We … expect COST (and other big-box clubs) to gain market share in the current environment as consumers continue to get used to higher prices, making COST’s value proposition more attractive,” he said. Loop Capital also stays optimistic and has raised its price goal on the stock from $840 to $890, representing upside potential of nearly 10 percent. The company expects continued growth in sales and store exports for the 12 months. “This is due to our observation of improved omnichannel capabilities, international expansion and product innovations, including at the highly popular Kirkland brand,” analyst Laura Champine wrote in a note on Sunday. Costco shares have risen about 23 percent for the reason that starting of the 12 months.
