Piper Jaffray Reiterates Overweight on Costco (COST) Following June Comps

Piper Jaffray reiterates an 'Overweight' rating and $68 price target on Costco Wholesale (Nasdaq: COST) following the reported June 4% rise in comps.

The firm notes that same store sales "came in at the upper end of our estimate of +3%-+4% but under Consensus expectations of +4.7%." Piper also pointed out that "Strength was exhibited across several regions and merchandise categories... In June COST experienced transaction growth of +1.5% and traffic growth of +3%."

Shares of Costco have jumped about 2% today, last trading around $55.39.

Track all the analyst action on shares of Costco following the monthly retail sales figures, visit our Analyst Ratings page.

Costco Wholesale Corporation operates membership warehouses that offer a selection of branded and private label products in a range of merchandise categories in no-frills, self-service warehouse facilities.