Bernstein downgraded Costco to underperform from market perform.
"We think valuation is too high and investors are likely overestimating the continuation of COST's trend and/or pace of reinvigorated growth," said Bernstein's Brandon Fletcher in a note to clients.
"We think valuation is too high and investors are likely overestimating the continuation of COST's trend and/or pace of reinvigorated growth," said Bernstein's Brandon Fletcher in a note to clients Wednesday after the bell. These days, every company wants an annual subscription fee to boost margins, but this trend is causing a membership exhaustion. Fletcher said there is competitive pressure, especially from companies likeAlthough consumer spending is still strong, in a possible economic downturn, members will rethink their spending and membership fees.
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