Costco price target lowered to $600 from $650 at Cowen

Cowen analyst Oliver Chen lowered the firm’s price target on Costco to $600 from $650 and keeps an Outperform rating on the shares. The analyst cut his estimates based on lower gross profit dollars from gas. He also highlighted 3 major sentiment factors including its gas business economics and profitability; how sustainable is the growth versus mid-teens comparisons and macro pressures, and its valuation drivers.