Costco Downgraded At BMO

(RTTNews) - BMO has downgraded Costco (COST) to market perform from outperform and lowered its price target to $160 from $185.

"Despite our continued belief that Costco's outlook remains strong, the reaction to Costco's impressive June comp figures (stock down ~2.5% in the past two days) suggests that investor sentiment, driven by Amazon AMZN, +1.91% fears, may continue to overshadow strong fundamentals," BMO said in a note. "In this asymmetrical environment, we believe its difficult to argue that the stock will outperform despite our continued outlook for comp upside and strong fundamentals."

Shares fell 1%.