Costco Wholesale (COST) continues to deliver value, with September sales results pointing to accelerating comparable trends, UBS said in a note Thursday.

Core comparable sales grew 7.6% in September, which was an acceleration from the 5.4% increase in August, the report said.

"The broader takeaway is that COST continues to deliver value in an environment where consumers are increasingly seeking it," the report said. "This is the core driver of its outperformance."

The note said Costco has become more aggressive with member offers, including a recent $50 off a $500 purchase promotion.

These actions reinforce the loyalty amongst its member base, allowing it to produce the type of all-weather results the market has grown accustomed to, the report said.

UBS kept its buy rating with the price target of $1,275.

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