Costco Reports Strong Earnings with EPS of $5.29, Loop Capital Raises Price Target to $1,005

Sep 27, 2024, 12:15 PM

Costco has reported its earnings for the August quarter, becoming the 14th S&P 500 company to do so in the 3Q24 earnings season. The company announced an EPS of $5.29, surpassing expectations. Loop Capital raised its price target for Costco shares to $1,005 from $975, maintaining a Buy rating. Analysts highlight Costco's strong performance in a challenging operating environment, with steady membership growth and high renewal rates of approximately 137MM members. Telsey noted that Costco continues to execute well and remains a share gainer. Roth Capital Partners analyst Bill Kirk stated that Costco is 'universally loved' and priced nearly for perfection.