Wells Fargo’s Costco downgrade understates value

Customers carry their items after shopping at Costco in Washington DC on May 5, 2021.

ting shen | Xinhua News Agency | Getty Images

Wells Fargo downgrades Club participation Costco (COST) in a rare move on Monday, citing “brewing headwinds” to the wholesale retailer’s growth momentum. We think that call was a mistake and view Costco as a buy here, given the value it continues to provide its customer base amid a deteriorating economy.

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