Cowen Reiterates Outperform on Costco Wholesale (COST) Following September Comps
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Cowen reiterated an Outperform rating and $170.00 price target on Costco Wholesale (NASDAQ: COST) following the company's September comp report. September comps of +1.0% beat expectations of flat y/y.
Analyst Oliver Chen commented, "Sept. reported comps of +1% beat Street's +0.1%, while Sept. comps (ex. gas & FX) of +1.0% in line with Street's +0.9%; core US comp (ex. gas) was flat y/y. Overall traffic steady at just under 2% y/y, with trends better in the US & Canada and softer in Other Int'l. Sept. 2-year stack of +9% vs. Aug's +7% & July's +8%. Reit. Outperform w/ $170PT. Next catalyst: Oct. sales on 11/2."
Shares of Costco Wholesale closed at $149.98 yesterday.
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