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Red hot Costco shares fall after Oppenheimer downgrades, citing a record valuation

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Chicago resident and her son shop at Costco with a large grocery cart.

Tim Boyle | Getty Images News | Getty Images

Investors are way too optimistic on big-box retailer Costco, according to Oppenheimer.

The firm downgraded Costco’s high-flying stock to perform from outperform. Shares of Costco ticked 1% lower in premarket trading on Wednesday.

“As we look forward, we now see less upside for shares driven by the now even more premium valuation, potentially aggressive Street forecasts, and difficult compares especially in Q2,” said Oppenheimer analyst Rupesh Parikh in a note to clients.

Shares of Costco have surged more than 45% this year, outperforming the S&P 500 (up 18% year-to-date)…



Source cnbc.com

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