Costco price target raised to $700 from $680 at T.D. Cowen

T.D. Cowen has raised its Costco Wholesale Corp.
COST,
+4.45%
price target to $700 from $680, citing growth in the company’s Kirkland Signature brand. “We believe unit gains can offset lower inflation trends,” wrote T.D. Cowen analyst Oliver Chen, in a note released Monday. Costco reported fiscal first-quarter earnings and revenue largely in line with expectations last week, and also announced a special dividend of $15 a share. “COST’s focus on customer value continues to drive solid +3.6% traffic which offset a lower (1%) basket & yielded +3.9% core comps,” Chen wrote. Costco’s stock is up 44.3% in 2023, outpacing the S&P 500 index’s
SPX,
-0.01%
gain of 22.9%.