Oppenheimer cuts Costco target, names ‘top pick’

Oppenheimer lowered the firm’s price target on Costco (COST) to $1,050 from $1,130 and keeps an Outperform rating on the shares. The firm also added Costco back to its “top pick ranking.” The shares have pulled back 15% from their all-time highs in mid-February but Costco’s “outperformance case is now even stronger in a mixed consumer spending backdrop,” the analyst tells investors in a research note. The firm says the company offers a “superior value” proposition and should gain share “across the box.”