Costco (COST) May Comps OK, Now Look for the CC Switch - Cowen

Cowen analyst, Oliver Chen, believes that Costco's (NASDAQ: COST) 4% May comp store sales (ex gas and FX) are in-line with estimates. The shift in Memorial Day resulted in one extra day in May TY vs. LY and benefitted US comps by an estimated +350 bps, but we anticipate this was factored into Street estimates.

Now, all eyes will be on the Visa c/c switch which goes live Jun 20th. June Comps on July 6th AMC.

The firm maintained an Outperform and price target of $160 on COST.

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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 $152.52 yesterday.

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