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Costco’s Price Target Boosted at Wall Street Strategies (COST)

Membership warehouse operator Costco Wholesale Corporation ( COST ) on Thursday saw its price target raised by analysts at Wall Street Strategies.

The firm reiterated its "Buy" rating on COST while lifting its price target from $80 to $82. That new target suggests a 4% upside to the stock's Wednesday closing price of $78.54.

A WSS analyst commented, "What will get lost in the CEO departure sauce, and rightfully so, is that Costco had another bang up month of sales. August was a period like many others for Costco throughout the economic recovery, showcasing an upper middle income consumer continuing to be fully engaged in the process of saving where applicable. Furthermore, the acceleration in Costco's traffic month to month, off already stellar levels, coincides with an ongoing consolidation of trips by households to those destinations conveying one-stop shopping convenience or unmatched value, two top names here being Costco and Target ( TGT )."

Costco shares were unchanged in premarket trading Thursday.

The Bottom Line

Shares of Costco ( COST ) have a 1.22% dividend yield, based on last night's closing stock price of $78.54. The stock has technical support in the $70-$73 price area. If the stock can firm up, we see overhead resistance around the all-time high levels of $83-$84 a share.

Costco Wholesale Corporation ( COST ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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