Cowen Reiterates Outperform on Costco Wholesale (COST) Following August Comp Miss

September 1, 2016 9:12 AM EDT
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Price: $163.01 -0.75%

Rating Summary:
    19 Buy, 10 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 1 | Down: 2 | New: 3
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Cowen reiterated an Outperform rating and $170.00 price target on Costco Wholesale (NASDAQ: COST) following the company's August comp release. COST reported comps of 0%, below the Street's estimate of +1.3%. COST will report 4Q EPS on Thursday Sept. 29th AMC. COST has already reported sales for 4Q of $35.7 billion, up 2% y/y from $35.0 billion LY.

Analyst Oliver Chen commented, "Aug. comps of 0% slightly missed the Street's +1.3% estimate as Int'l regions saw some cannibalization from new store openings. The core US comp (ex. gas) was +2%, in line with our estimate and about in line with the Street's +2.4% estimate, and traffic was up a little better than +2.3% y/y in the US for the month. Next catalyst: 4QF16 EPS Results on Sept. 29th AMC."

For an analyst ratings summary and ratings history on Costco Wholesale click here. For more ratings news on Costco Wholesale click here.

Shares of Costco Wholesale closed at $162.09 yesterday.

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