Citi Raises Costco (COST) Price Target to $1,000 from $990

Core Insights - Costco Wholesale Corporation (NASDAQ:COST) has received price target increases from analysts, indicating positive sentiment towards the company's performance and outlook [1][3]. Financial Performance - For the first quarter of fiscal 2026, Costco reported a net income of $2.001 billion, or $4.50 per diluted share, up from $1.798 billion, or $4.04 per diluted share, in the previous year, marking a 13.6% increase in net income and diluted EPS when excluding certain tax-related items [4]. - Net sales increased by 8.2% year over year to $65.98 billion, with comparable sales rising by 6.4%, including a significant 20.5% increase in digitally enabled comparable sales [4]. - Membership fee income grew by 14% to $1.329 billion, driven by membership growth and upgrades to higher-tier executive memberships [4]. Expansion Plans - Costco opened eight new warehouses during the quarter, bringing the total to 921 locations globally, with plans to add more than 30 net new warehouses annually in the coming years [4]. Analyst Ratings - Citi analyst Steven Zaccone raised Costco's price target to $1,000 from $990 while maintaining a Neutral rating, citing modest same-store sales and earnings beat [1]. - Evercore ISI analyst Greg Melich increased his price target on Costco to $1,050 from $1,025 and reiterated an Outperform rating [3].