Piper Jaffray Overweight On Costco (COST)

Piper Jaffray is reiterating its Overweight rating and $68 price target on shares of Costco Wholesale COST, as the investment bank previews August same store sales. In a note to clients, Piper Jaffray writes, "We are estimating an August comp of +3% - +4% vs. consensus of ~+4%. We are assuming a core merchandising comp of +2.9%, and combined gas and F/X should provide a tailwind of +1.1%. Based on these assumptions we are maintaining our Overweight rating with a $68 price target." Shares of Costco lost 9 cents on Friday, to close at $56.19.