Costco Wholesale (NASDAQ: COST) stock has been reaching new highs in 2024, but it could have more room to run. The warehouse club retailing giant received another analyst upgrade late Monday, which helped push the stock higher in early Tuesday trading.

BMO Capital reiterated its bullish overall rating on Costco's stock while boosting the target share price to $800 from $770. Hitting that number would mean a further 9% appreciation for Costco shares over the next 12 months or so, which have rallied nearly 56% in the past year.

There's good reason for this latest burst of Wall Street enthusiasm. Costco in early March revealed that its comparable-store sales growth rate accelerated in fiscal 2024's Q2 (ended Feb. 18). Gains were especially strong in its e-commerce division, which tends to tilt toward discretionary purchases like jewelry and home furnishings. But Costco also attracted higher traffic at its stores into early 2024.

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Source Fool.com