Is Costco Stock Going to $840? 1 Wall Street Analyst Thinks So.
Costco Wholesale Corporation (NASDAQ: COST) investors had a good week. From last Friday's close below $744 through Friday, May 10, shares of the warehouse retailer gained roughly $40 in value after reporting strong e-commerce sales in its update for April.
And $40 could be just the beginning. Loop Capital analyst Laura Champine predicts that, within a year, Costco shares will fetch $840 apiece.
Costco reported Wednesday that total sales grew 7.1% year over year in April and its "comparables" (i.e. same-store sales) grew 5.6%. That compares to 7.7% in May -- so a sequential slowdown. Champine responded to the news by lowering her estimate for same-store-sales growth through the rest of this year, theorizing that inflationary pressures may be restraining consumer spending at Costco.
Source Fool.com
