Costco reported adjusted earnings per share of $3.82, above the expected $3.79. The company also managed to generate sales of $62.15 billion, a 7.5% increase from the previous year, and above the $62.08 billion estimate. This positive performance helped boost investor confidence and send Costco’s stock higher.
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The company also reported growth in comparable sales, which increased by 5.2% globally. The U.S. showed a 5.2% increase, while Canada grew by 5.8%. Other international regions saw a 4.7% increase, with e-commerce leading the charge with a 13.0% growth. These figures exclude the effects of fluctuating gasoline prices and foreign exchange.
In response to the strong earnings, several analysts raised their price targets for Costco stock. Telsey Advisory Group’s Joseph Feldman maintained an Outperform rating, while Evercore ISI’s Greg Melich increased his target to $1030. Analysts from Roth MKM, BMO Capital, and Loop Capital also adjusted their price targets upwards, reflecting confidence in Costco’s performance.
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Current Stock Price
Costco’s stock is trading 1.01% higher at $997.50 as of the latest data, reflecting the positive investor sentiment following the earnings report.
FAQs:
Does Costco’s stock react to global events?
Yes, global events, such as economic changes or geopolitical developments, can impact Costco’s stock performance, just like any other company.
Should I buy Costco stock now?
It’s essential to assess your investment strategy and consider factors like market trends and Costco’s financial performance before making any decisions.
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