Shares of Costco Wholesale Corp. (COST) is down 2.4% to $64.86 after Goldman Sachs cut its rating on the warehouse retailer to neutral from buy.
In a note to clients, Goldman Sachs analyst Adrianne Shapira wrote that "with current relative valuation well above historic averages and limited remaining catalysts on the horizon, we view current risk/reward less compelling."
The stock appeared to be breaking out yesterday, but this downgrade should cause it to pull back. It has key support at $62.50.
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