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Costco (COST) Stock Down, Jefferies Lowers Price Target

NEW YORK (TheStreet) -- Shares of Costco Wholesale (COST - Get Report) are down by 1.29% to $145.94 on Friday morning, as Jefferies reduced its price target to $135 from $142 and reiterated its "hold" rating on the stock.

Jefferies' price target reduction comes after Costco reported weak April 2016 same-store sales on Wednesday, which increased only 2% on a year-over-year basis due to negative impacts from gas deflation and foreign exchange, versus analysts' expectation of a 3.4% growth. The company reported April 2016 revenue of $8.98 billion, up 3% from the April 2015 revenue of $8.74 billion.

"Investors probably didn't appreciate how much the strong value in gas last year drove membership, traffic and sales but now Costco...