Costco (NASDAQ:COST) reported total comparable sales for April that beat the consensus.
Total comp sales came in at +12.6%, easily ahead of the 9.1% consensus. U.S. comparable sales excluding fuel and currencies were +8.1% vs an estimate of +7.7%.
Bank of America analyst Robert Ohmes reiterated a Buy rating and a $645.00 per share price target.
“We maintain our Buy rating as we see COST as well-positioned given continued sales momentum (incl. impressive traffic comps), strong price positioning in a highly inflationary environment, and strong membership trends.”
Wells Fargo analyst Edward Kelly said the April data came in “strong as the company continues to post impressive growth against difficult multiyear comparisons.”
“Strength remained broad-based across operating regions as well, with all beating estimates and Canada posting a sequential acceleration. Product trends remained broadly consistent with ancillary continuing to lead, although consumables did slow somewhat sequentially. Overall, we continue to come away impressed as COST manages to maintain momentum and deliver impressive multiyear stacks. While the stock looks expensive, we like its high-quality defensive characteristics and remain Overweight,” Kelly wrote in a note to clients.
By Senad Karaahmetovic