Costco: Our Outlook and Ratings Are Unchanged as Ron Vachris to Succeed Craig Jelinek as CEO

Wide-moat Costco announced CEO Craig Jelinek’s intention to step down from the role at the end of the year, marking an imminent end to his impressive 12 years at the helm. Ron Vachris, Costco’s current president and COO, will officially succeed Jelinek on Jan. 1, 2024. The management change does not alter our long-term outlook for Costco, and we maintain our $460 fair value estimate and our Exemplary Capital Allocation Rating. Still, shares look overvalued to us.