Glonghui, March 11 | Bank of America Securities published a research report stating that Costco Wholesale recorded earnings of $3.71 per share for the second quarter, higher than the bank's forecast of $3.55, excluding tax benefits related to the payment of special dividends. Driven by the increase in global passenger traffic, the company's total turnover increased by 5.8%, with US sales increasing by 4.8%. Investors may expect Costco to announce an increase in membership fees, but Bank of America believes that with the support of an increase in the total number of members, increased penetration rate, and continuous increase in renewal rates, membership fee revenue (MFI) should continue to grow significantly. Considering the good performance in the second quarter, the bank raised its earnings forecast per share for the 2024 fiscal year from 15.9 US dollars to 16.02 US dollars, and next year's forecast from 17.9 US dollars to 18.25 US dollars, which is optimistic about the growth trend of MFI and passenger traffic. Bank of America has reiterated its “buy” rating and expects Costco to gain more market share and raise its target price from $770 to $865, which is about 47 times the earnings forecast for FY2025 per share.