Costco Stock: Next Stop, $335?
Costco (NASDAQ: COST) investors are sitting pretty with shares of the warehouse club operator kicking off the abridged trading week less than 1% away from taking out its all-time highs, but one Wall Street pro is aiming even higher. Rupesh Parikh at Oppenheimer is upgrading the stock from perform to outperform, singling Costco out again as a top pick.
Parikh is also boosting his price target on Costco stock from $300 to $335. The upside of the new goal might not seem like much at current levels -- it's only 10% of near-term upside off of Friday's close -- but it's actually the Street high among his fellow analysts. Wall Street has historically seen Costco as a slow yet steady performer, so it's not a surprise that the highest of the market's price targets is relatively low. High floors often result in low ceilings.
Image source: Costco.
Source Fool.com
