Cowen Reiterates Outperform on Costco Wholesale (COST) Following October Results

November 3, 2016 8:03 AM EDT
Get Alerts COST Hot Sheet
Price: $163.70 -0.35%

Rating Summary:
    19 Buy, 10 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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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."

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 $146.27 yesterday.

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