Wells Fargo analyst Edward Kelly lowered the firm’s price target on Costco (COST) to $900 from $1,000 and keeps an Equal Weight rating on the shares. The firm sees a mixed overall 2026 outlook for the group, but with opportunity. Wells is bullish broadlines/food service, notes fiscal/tariff trade is underway, and believes momentum is sustainable through the first half of EPS revisions. With that said, the firm sees a tougher food retail outlook; idiosyncratic drivers are key.
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