Citi cuts Costco PT on valuation concerns

Citi Research cuts PT on membership-only retail chain Costco COST.O to $927 from $1,060, cites high valuation premium

"Despite our disposition to "buy the dip" in high quality businesses, COST shares still trade at a significant valuation premium to 5-year and 10-year history," says brokerage

Says COST shares weakness is primarily due to the broader market selloff and crowded long positioning

New PT is ~2% upside to stock's last close

Twenty-five of 40 brokerages rate stock "buy" or higher, and 15 "hold"; median PT is $1,095.23 - data compiled by LSEG

COST shares up nearly 1% YTD, including session's moves; they rose ~39% in 2024