Costco May sales just below expectations, says Wells Fargo

Wells Fargo says Costco’s (COST) May sales came in just below expectations and modestly eased sequentially but “remained very healthy” on broad-based category strength. The company’s’; comp sales of 6.0% fell a touch short of the 6.2% consensus, the analyst tells investors in a research note. Wells believes Costco continues to perform well in a “tricky backdrop,” but it struggles to “get excited about upside at a high multiple.” The firm keeps an Equal Weight rating on the shares with a $1,000 price target