We report on the magnetic properties of thoroughly characterized Zn(1-x)Co(x)O epitaxial thin films, with low Co concentration, x = 0.003-0.005. Magnetic and EPR measurements, combined with crystal field theory, reveal that isolated Co2+ ions in ZnO possess a strong single ion anisotropy which leads to an "easy plane" ferromagnetic state when the ferromagnetic Co-Co interaction is considered. We suggest that the peculiarities of the magnetization process of this state can be viewed as a signature of intrinsic ferromagnetism in ZnO:Co materials.