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Wholesaler Costco Corp. (COST), which I urged caution with on November 30, 2009 at/near $60, has since failed to decisively breakthrough $60, hence it's probably prudent to close a position held now, if you bought shares in the $45-48 range. Here's why: Costco remains a leader in the value-oriented consumer warehouse segment with an impressive product mix, but its valuation looks a tad high: I'd be a buyer again at lower levels, $51-53.
The First Call FY2010/FY2011 EPS estimates for COST are $2.91 to $3.22.
Technically, as noted Costco's shares have battled the $60 level for about three months, and the technical pattern suggests a pull-back toward $54 or even $51 may be up ahead.
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Disclosure: Lazzaro has no positions in stocks, but does own shares in two Pimco Bond Funds: PHDAX and PYMAX.
Technically, as noted Costco's shares have battled the $60 level for about three months, and the technical pattern suggests a pull-back toward $54 or even $51 may be up ahead.
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Disclosure: Lazzaro has no positions in stocks, but does own shares in two Pimco Bond Funds: PHDAX and PYMAX.
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