Costco's Technical Momentum Builds Ahead Of Q2 Earnings
Portfolio Pulse from Surbhi Jain
Costco Wholesale Corp (NASDAQ:COST) is set to report its Q2 earnings on March 7, with Wall Street expecting $3.62 EPS and $59.16 billion in revenues. The stock has seen over 60% growth in the past year and over 15% since the beginning of 2024. Technical analysis shows a bullish trend with the stock price above its EMAs and SMAs, despite potential overbought risks indicated by the RSI. Analyst consensus rates COST as a Buy with a price target of $618.10.
March 06, 2024 | 3:30 pm
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Costco's bullish technical setup and strong past performance may attract investor interest, but overbought conditions suggest caution.
Costco's stock has shown significant growth and technical analysis supports a continued bullish trend. However, the high RSI indicates potential overbought conditions, which could lead to short-term volatility. Analyst consensus rating as a Buy with a lower price target than the current trading price suggests that while the stock is viewed positively, there might be concerns about its current valuation.
CONFIDENCE 80
IMPORTANCE 90
RELEVANCE 100