Costco’s fourth-quarter results topped Wall Street’s estimates after market close Tuesday
Costco Wholesale Corp. reported fourth-quarter results that topped Wall Street’s estimates after market close Tuesday, although the company’s stock is down 1.7% in premarket trades Wednesday.
Nonetheless, Costco remains a top pick for Oppenheimer, according to Parikh. “We continue to play for a comp re-acceleration in coming quarters and believe a potential membership fee increase and a special dividend still represent potential positive catalysts down the road,” he wrote. Oppenheimer maintained its outperform rating for Costco.
During Tuesday’s conference call to discuss the fourth-quarter results, Costco CFO Richard Galanti was asked if membership price increases are part of the company’s plan for the fiscal year. This is a good time to own Costco, according to J.P. Morgan analyst Christopher Horvers in a note released Wednesday, citing defensiveness, a higher-income consumer base, ongoing share gains, ticket upside on general merchandise trends getting past pull-forward, and normalizing FX/gas headwinds.
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