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Oppenheimer analyst Rupesh Parikh raised the firm's price target on Costco to $355 from $335 and keeps an Outperform rating on the shares. The analyst looks "very favorably" upon the well above expectation global comp delivery from Costco in June. Parikh notes that comps increased 13.6% in the U.S. and the company also registered "surprising" strength in international markets with increases of 12.2% in Canada and 22.1% in other international markets. Costco shares have lagged since the March market lows, and the analyst continues to see the potential for a catchup trade from here. He reiterates his top pick status.

Cowen analyst Oliver Chen noted Costco reported +11.5% comps o +13.3% basket growth noting food and hardline comps remained impressive while softlines and ancillaries are also showing improvement. He remains constructive on the comp improvements as trends strengthen including the improvements in its digital momentum as sales improved. Chen reiterated his Outperform rating and $360 price target on Costco shares.

Loop Capital analyst Laura Champine raised the firm's price target on Costco to $360 from $340 and keeps a Buy rating on the shares after its June same-store sales came in better than expected. Traffic in the U.S. grew for the first time since March and every merchandise category reported double-digit growth, the analyst tells investors in a research note. Champine adds that Costco's growth and the stability of its membership fee increase warrant a higher valuation than the stock's current 31-times expected forward earnings multiple.