Costco Stock Could Soar to New Heights in 2024
Costco Wholesale (NASDAQ: COST) has been a terrific stock for long-term shareholders, delivering a total return of approximately 2,300% over the past 25 years. However, the past 15 months haven't been very rewarding. Costco stock peaked just above $600 in April 2022. Since reaching that all-time high, the shares have fallen by 13%, compared to a modest 2% decline for the broader market.
Perhaps this pullback shouldn't be too surprising. After all, sales growth is moderating after several years of torrid growth, and Costco stock had nearly doubled in the 13 months before it reached its all-time high. Nevertheless, several key catalysts could launch the shares past $600 to new all-time highs in 2024.
The COVID-19 pandemic unleashed a wave of rapid sales growth for Costco, due to strong discretionary spending and the impact of inflation on the price of food and other staples.
Source Fool.com
