Cowen Reiterates Outperform on Costco Wholesale (COST) Following August Comp Miss
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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."
Shares of Costco Wholesale closed at $162.09 yesterday.
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