Goldman Sachs Upgrades Costco (COST) to Buy
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Goldman Sachs upgrades Costco (Nasdaq: COST) from Neutral to Buy and adds the stock to its Conviction Buy List, citing valuation and market share gains as the economy falters.
The firm said, "Out call is based on valuation mean reversion over the next several months as earnings prove resilient." They also said given the stretched consumer, retailers emphasizing value should gain share.
Costco Wholesale Corporation operates membership warehouses, which offer a selection of branded and private label products in a range of merchandise categories in no-frills, self-service warehouse facilities.
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