Costco Stock Surges in Q3: Buy or Hold?
Analysts Weigh In
Despite economic headwinds, Costco Wholesale Corporation (NASDAQ: COST) has seen impressive stock price growth in the third quarter of fiscal 2024. The large-cap retailer has outperformed broader market indices, with 28 analysts providing 12-month price forecasts. Their average price target suggests continued optimism.
Robust Performance and Strong Outlook
Costco's stock gained 29% in the first half of 2024, driven by strong earnings reports and favorable consumer spending. The company's membership-based model and focus on value-oriented merchandise have resonated with shoppers. Analysts believe that this momentum is likely to continue, with 19 Wall Street analysts giving COST a 1-year price target of $520. This target represents a potential upside of over 10% from its current price of $470.
Disclaimer: The information provided in this article is for informational purposes only and should not be considered investment advice. Readers are encouraged to conduct their own due diligence before making any investment decisions.
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