Costco Wholesale (COST) PT Lowered to $1,050, added to Top Pick at Oppenheimer

Oppenheimer analyst Rupesh Parikh lowered the price target on Costco Wholesale (NASDAQ: COST) to $1,050.00 (from $1,130.00) while maintaining a Outperform rating.

The analyst comments: "Following the recent re-rating in shares and with the company moving closer to lapping the most difficult comparisons, we are adding COST back to our top pick ranking. Shares have pulled back ~15% from all-time highs in mid-February underperforming a gain of 12% in the S&P 500. We believe COST's outperformance case is now even stronger in a mixed consumer spending backdrop given the company's superior value proposition, our expectations for continued share gains across the box, and positioning to a relatively higher affluent customer. Our updated top three top picks are ULTA, COST, and WMT."

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