Cowen Reiterates Outperform on Costco Wholesale (COST) Following October Results
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Cowen reiterated an Outperform rating and $170.00 price target on Costco Wholesale (NASDAQ: COST) following the company's October results. October comps of +2% were in line with Street expectations. Costco continued to face deflationary headwinds in many departments, including multiple departments in food & sundries, consumer electronics within hardlines, and meat and other proteins within fresh food.
Analyst Oliver Chen commented, "Oct. reported comps of +2% are in line with Street's +2%, while Oct comps (ex. Gas & FX) of +2% missed Street's +2.6%; core US comp (ex. gas) was +2% y/y. Overall traffic improved to +2.75% y/y with trends again better in the U.S. & Canada and softer in Other Int'l. Oct. 2-year stack comps ex gas & FX of +7% vs. Sept +9% & Aug's +7%. Reit. Outperform w/$170PT. Next catalyst: Nov. sales on 11/30."
Shares of Costco Wholesale closed at $146.27 yesterday.
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