Baird analyst Peter Benedict kept his Outperform rating and $230 price target on Costco, saying the company's 9.7% rise in comps for June topped his expectations and also the Street consensus of 7%-8% and 7.1% respectively. The analyst adds that on a two-year stack, comps accelerated by about 100bps from May despite fewer promotional days, stating that this "underscores the broad-based momentum across the business". Benedict further notes that while Costco valuation multiple of 28-times earnings for the next 12 months is above 26-times 3-year average, its fundamentals remain "best in class".