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Why Wells Fargo Downgraded Costco Stock

Adrian Stevens
Updated
Why Wells Fargo Downgraded Costco Stock

Wells Fargo downgraded Costco (COST) stock to “market perform” from “outperform” due to the company’s high valuation multiple. Wells Fargo analyst Edward Kelly stated that Costco shares have soared to record highs and seem fully priced. In Will Valuations Stall Uptrend in COST, WMT, and TGT?, we underscored the fact that Costco, Target (TGT), and Walmart (WMT) look pricey given the recent run in their stock prices. Following the downgrade, Costco shares were trading 1.9% lower on September 14.

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