Costco price target lowered to $535 from $570 at Baird

Baird analyst Peter Benedict lowered the firm’s price target on Costco to $535 from $570 and keeps an Outperform rating on the shares. The company’s Q4 operating results were in line with estimates and Costco is not immune to the slowdown in discretionary spending, but its traffic remains "best-in-class" and inventory is also "in great shape", the analyst tells investors in a research note. Costco’s membership base has never been stronger, and the company remains well positioned to weather a more difficult spending backdrop, the firm added.