Shares of Costco (NASDAQ:COST) fell over 6% halfway into today’s trading session. This can be attributed to monthly sales coming in lower than expected. Indeed, comparable sales in November increased 4.3% compared to the consensus forecast of 7.7%. When adjusting for gas sales and FX swings, sales increased by 5.3%.
Interestingly, e-commerce sales fell by 10.1%, while non-food items also declined for the first time since April 2020. This indicates that rising food prices are cutting into the discretionary spending budgets of consumers.
Overall, Wall Street analysts have a consensus price target of $550.44 on COST stock, implying 9.32% upside potential, as indicated by the graphic above.