Costco Wholesale (COST) plans to extend US club hours exclusively for its executive members, a long-term positive step to expand capacity and ease overcrowding at select locations, Oppenheimer said Tuesday in a report.
"We look favorably upon this development," Oppenheimer said. "We would have preferred this change for all members to minimize the [profit and loss] headwind and to reduce potential friction at store opening."
New Chief Executive Officer Ron Vachris seeks to maintain a competitive edge the membership rivalry with Walmart's (WMT) Walmart+ and Target's (TGT) Target Circle 360, the report said.
The cost increase tied to expanded hours is expected to create a near-term earnings headwind through fiscal years 2025 and 2026 with a tailwind anticipated by 2027, the report said.
Oppenheimer has an outperform rating on Costco with a price target of $1,130.
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