Costco core comps slowed in March, says Baird

Baird keeps an Outperform rating and $535 price target on Costco after its March sales data, though the firm also notes that core comps have slowed amid weaker U.S. comps and a slowdown in non-foods. Downward revisions to Q3 results seem likely, but Baird recommends that investors opportunistically accumulate shares on pullbacks as the company looks better positioned than most to weather an increasingly choppy consumer spending backdrop, the analyst tells investors in a research note.