Costco Wholesale stock has seemingly been hitting records on a daily basis, and one respected analyst doesn’t see the rally ending anytime soon.
Robert W. Baird told Barron’s that the stock (COST) can continue to soar because a report on same-store sales due out next week is likely to show a rebound.
Barron’s said Costco stock has soared more than 20% since the start of the year, “easily outpacing the market, and it has risen almost 34% in the past 12 months. The stock has been a strong and steady gainer, not just in recent years but over the longer term, as consumers flock to its value offerings, both in stores and online, allowing the company to boast a subscription-renewal rate of around 90%.”
Baird’s Peter Benedict reiterated an Outperform rating and $250 price target on the shares Friday, writing that he expects sales to have rebounded last month after a tough February.
“We continue to believe Costco’s established low-price position on high-quality merchandise, loyal/sticky membership base, and emerging omnichannel relevance position the company to effectively compete and take market share from higher-cost channels of retail,” Benedict concludes
To be sure, Costco stock also has garnered other praise in the investing world.
Like Home Depot (HD) and other premier companies, Costco knows it won’t dominate Amazon (AMZN),” InvestorPace recently explained. “Because it collects an annual fee from its 52 million members and retains a high percentage of those members (with a retention rate above 90% last quarter), Costco has flexibility. Its online and same-day delivery show strong growth and Costco will be one of the companies that not only survives but thrives from e-commerce growth,” the report said.
“Costco stock isn’t cheap, but it deserves its premium valuation as a blue-chip retailer.”
Costco shares (COST) closed Friday at $245.87, up $1.47 or 0.6%. In the past 52 weeks, the stock has hit a high of $247.09 and a low of $ 182.17.
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