Baird analyst Peter Benedict reiterated an Outperform rating and $1,075.00 price target on Costco Wholesale (NASDAQ: COST).

The analyst commented: "Stronger gross margins and some below the line favorability (FX gain) drove a ~2% EPS beat. MFI growth matched our model, but renewal rates ticked down sequentially as more digitally-secured members enter the base. That said, overall signup rates and spending behavior remain in good shape, and management seemed pleased with seasonal sell through thus far into the holidays. The stock's valuation sets a high bar, so a muted reaction seems likely. Net, COST's traction with consumers remains best in class. Maintain Outperform rating/$1,075 price target."

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 $988.39 yesterday.