Costco price target raised to $800 from $785 at Telsey Advisory

Telsey Advisory raised the firm’s price target on Costco to $800 from $785 and keeps an Outperform rating on the shares. The company reported strong Q2 EPS growth that beat consensus, the analyst tells investors. In Q2, the firm was encouraged by the reported traffic increase, strong renewal fee income growth, the uptick in both U.S. and Canada renewal rates, the effective management of inflation, the strong e-commerce growth, and the solid gross margin expansion. Telsey believes Costco continued to execute well in the current uncertain operating environment.