Costco Rises on Robust Retail Sales in March By Investing.com

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© Reuters.

By Dhirendra Tripathi

Investing.com – Costco (NASDAQ:) shares rose 1% in Thursday’s trade after the company announced robust sales in March and also prompted Wells Fargo to raise its price target

The company said sales in the month ended April 4 grew 17.6% year-on-year to $18.21 billion from $15.49 billion in the same period a year ago, which had one more shopping day.

E-commerce sales rose 57.7% during the month.

Wells Fargo  (NYSE:) analyst Edward Kelly lifted the price target to $400 from $370 on strong momentum.   

Jefferies’ (NYSE:)’ Stephanie Wissink maintained a buy on Costco, setting a price target of $410, which is approximately 13% above the stock’s current level.

Wissink expects Costco to post earnings per share of $2.15 for the second quarter of 2021.

The current consensus among 18 TipRanks analysts is for a strong buy of shares in Costco, with an average price target of $384.13. The analysts’ price targets range from a high of $410 to a low of $325.

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