Benzinga | Jul 9, 2021 09:21AM EDT

Costco Shares Gain Premarket After June Sales Jump 16.9%, Morgan Stanley Raises Price Target

* Costco Wholesale Corporation (NASDAQ:COST) reported net sales of $18.92 billion for the retail month of June, a 16.9% growth year-on-year.

* The total comparable sales increased 7.9% Y/Y.

* e-Commerce comparable sales clocked a 20.8% growth, while Canada recorded the largest increase, with a 23.4% comp sales growth.

* Morgan Stanley maintained Costco Wholesale with an Overweight rating and raised the price target from $415 to $425.

* Price action: COST shares are trading higher by 0.97% at $411.11 premarket on the last check Friday.