12:16 PM EDT, 09/18/2025 (MT Newswires) -- Costco Wholesale ( COST ) has less room for a Q4 beat due to an initial expense headwind, Oppenheimer said in a note Thursday.

"We see limited upside potential to Street figures," the note said.

The Q4 results are due Sept. 25.

Oppenheimer analysts expect Q4 EPS of $5.70, against a Street

estimate of $5.81, as they include an initial expense headwind on an increase in Executive Member hours.

The report also said that the company is up against very difficult

comparisons in the non-foods category.

Still, the analysts said they would continue to take advantage of any dips, with potential catalysts like a stock split.

"We continue to believe a premium valuation is warranted," they said, pointing to factors such as superior global unit growth prospects and leading competitive position.

Oppenheimer kept its outperform rating and $1,130 price target.

Price: 958.94, Change: -4.09, Percent Change: -0.42