CNBC’s Jim Cramer on Wednesday touted the strength of Costco Wholesale’s (COST) business.
However, the initial reaction to Costco's after-the-bell earnings report — which topped Wall Street's sales and profit expectations — was somewhat sour. Some of the disappointment may stem from the fact Costco"didn't give you a special dividend" and"'didn't raise prices for members," Cramer said. Investors have been anticipating both actions for quite some time.
With those catalysts still looming, Cramer said that multiple Wall Street firms including Goldman Sachs raised their price targets on Costco shares, which he suggested bodes well for the stock going forward.
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