Costco price target lowered to $535 from $545 at Evercore ISI

Evercore ISI analyst Greg Melich lowered the firm’s price target on Costco to $535 from $545 and keeps an Outperform rating on the shares. Costco’s comps turned negative for the "first time in the past 80 months," excluding the start of the pandemic, in March and its total company and U.S. declines of 1.1% and 1.5%, respectively, "appear a reason for significant concern," the analyst tells investors. However, the long-term positioning of Costco "remains promising," adds the firm.