Costco Stock Hits 2023 Highs Ahead of Earnings

COST received two analyst price-target hikes today

Deputy Editor
Dec 11, 2023 at 2:42 PM
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Costco Wholesale Corp (NASDAQ:COST) stock is trading at 52-week highs today, hitting $625.03 at its peak, after Deutsche Bank and Bernstein lifted their price targets to $697 and $660, respectively. COST is fresh off six-straight weekly wins ahead of the company's upcoming earnings report, due out after the close on Thursday, Dec. 14.

The stock recently overcame pressure at the $600 level, which provided a ceiling through November, with help from its 20-day moving average. Since the start of the year, the shares are up 36.8%. 

COST Dec11

COST closed higher after its last two earnings reports, and five out of the last eight. Over the past two years, the equity has averaged a next-day swing of 2.8%, regardless of direction, which is less than the 4.4% move the options pits are pricing in this time around. 

When weighing in on the outperforming discount retail name, options look like a good way to go. The security is seeing attractively priced premium at the moment, per its Schaeffer's Volatility Index (SVI) of 18% ranks in the low 17th percentile of its annual range. 

 

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