Benzinga | Nov 4, 2021 01:24PM EDT

Why Costco Shares Are Rising

Costco Wholesale Corporation (NASDAQ:COST) shares are trading higher after the company reported October sales, total company comparable sales and ecommerce sales were all higher year over year.

Costco reported October sales were up 19.2% year over year, total company comparable sales were up 17.5% year over year, and Ecommerce sales were up 16.5% year over year.

Analyst Assessment: Multiple Analyst firms raised price targets on the stock following Costco's October sales results:

* Raymond James analyst Bobby Griffin maintained an Outperform rating on the stock and raised the price target from $490 to $540.

* Telsey Advisory Group analyst Joseph Feldman maintained an Outperform rating on the stock and raised the price target from $535 to $540.

* Oppenheimer analyst Rupesh Parikh maintained an Outperform rating on the stock and raised the price target from $500 to $550.

Costco Wholesale Corporation, together with its subsidiaries, engages in the operation of membership warehouses in the United States, Puerto Rico, Canada, the United Kingdom, Mexico, Japan, Korea, Australia, Spain, France, Iceland, China, and Taiwan.

Costco's stock was trading about 3.3% higher at $518.94 per share on Thursday at the time of publication. The stock has a 52-week high of $519.58 and a 52-week low of $307.