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Jefferies upgrades Costco to buy, saying its 'moat' in club retail is widening

Shoppers wearing face masks leave a Costco wholesale store in Washington, D.C.
Ting Shen | Xinhua News Agency | Getty Images

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E-commerce won't be the only retail category that emerges from the pandemic as a winner of shifting consumer trends, according to Jefferies.

The investment firm upgraded Costco to buy from hold on Friday and raised its price target on the stock by more than 35%, saying the club retailer was in a strong position despite an "underdeveloped" online presence.

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