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Zain Akbari

Zain Akbari, CFA, is an equity analyst for Morningstar.

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Our $368 per share valuation of wide-moat Costco should rise by a low- to mid-single-digit percentage, reflecting the combined impact of the time value of money, expected ongoing near-term sales strength as the delta variant of the coronavirus runs its course, and a strong end to fiscal 2021 (ended Aug. 29).

Target’s balanced online and in-store growth in the quarter (with the latter seeing 11% comparable expansion despite the pandemic and rising e-commerce penetration) reinforces our faith in its use of stores as omnichannel fulfillment centers, but the shares’ trading price leaves no room for error despite accelerating retail digitization that creates cost and price pressure. So, we suggest long-term investors await a more attractive entry point.