Jefferies Reiterates Hold on Costco Wholesale (COST) Following 4Q Report
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Jefferies reiterated a Hold rating and $135.00 price target on Costco Wholesale (NASDAQ: COST) following the company's 4Q earnings report. Total sales came in at $35.7bn as preannounced, but was softer than Q3, reflecting somewhat softer traffic. Shares have held up well the last 9 months despite the softer sales. EPS came in $0.04 ahead of estimates.
Analyst Daniel Binder commented, "Following a $0.05 downward EPS revision by the Street in Q3, EPS came in $0.04 better, mainly on a better than expected tax rate. Member fees were in line, so investor focus will shift to the pace of comp sales in Sept. to be released next week – we expect 2-3% core US comps. Member renewal rates slipped slightly due to the credit card transition away from Amex, but this could reverse as we move further past the new credit card launch."
Shares of Costco Wholesale closed at $147.49 yesterday.
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