Higher customer traffic underpinned a fourth-quarter earnings beat for Costco . Despite weaker sales of higher priced items throughout the quarter, Costco said on Tuesday that overall store visits rose 5.2% globally and were up 5% in the U.S. year-over-year. That helped offset a decline in the value of average transactions, which pulled back 4% worldwide and fell 4.5% in the U.S. from the year-ago period. For the fourth quarter ended Sept. 3, Costco said it earned $4.86 per share on $78.9 billion in revenue. That topped projected earnings of $4.79 a share on $77.9 billion in revenue, according to analysts polled by LSEG. Memberships increased 8% from a year ago. COST YTD mountain Costco’s performance year to date. Analysts largely lauded the quarterly results and remain bullish on the stock, which was trading more than 2% higher on Wednesday. “We believe COST’s 4Q provided further evidence that the stock fits well with what the market is looking for right now. Essentially, this is ‘no drama,'” UBS analyst Michael Lasser said in a Tuesday note. Lasser also labeled Costco stock as “the gold standard.” Bank of America’s Robert Ohmes reiterated a buy rating on Costco stock, with a $610 per share price target. BofA’s forecast implies roughly 10% upside from Tuesday’s $552.96 close. “We expect COST to invest in price early as costs come down, which should support its value proposition and traffic,” Ohmes said. “We also expect profitability to see support from easier LIFO [last in first out] comparisons and a potential membership fee increase.” Morgan Stanley’s Simeon Gutman, meanwhile, restated an overweight rating on Wednesday, accompanied by a $585 per share price target or roughly 6% upside. The analyst said that while Morgan Stanley views Costco’s forward multiple of roughly 36 times price-to-earnings as elevated, the firm recommends buying any dip. “Thus while we’re not aggressive buyers of the stock here, we would look to take advantage of any pullbacks,” Gutman said. Goldman Sachs analyst Kate McShane kept a buy rating on Costco stock following Tuesday’s quarterly results, but boosted her price target to $603 from $589. The new target implies 9% upside ahead. McShane sees the company’s strength coming from its membership base. “We continue to have confidence in COST’s value proposition resonating with consumers, while the company’s scale and limited SKU model should enable it to manage cost pressures,” McShane said. JPMorgan’s Christopher Horvers reiterated an overweight rating on the wholesale retailer with a $571 per share price target, which equates to about 3% upside for Costco stock. Horvers said Costco is “very well positioned” to navigate current market and macroeconomic conditions. “A good time to own COST given defensiveness, higher-income consumer base, ongoing share gains, ticket upside on gen merch trends getting past pull-forward, and normalizing FX/gas headwinds,” Horvers said. But Citi’s Paul Lejuez thinks the risks are to the downside as the stock’s prices has run up. He remains neutral on Costco stock with a $530 target price, which is 4% lower than where shares recently closed. “COST’s high multiple (20.2x 2024E EV/EBITDA) combined with the crowded positioning keeps us Neutral on the stock, as we view risk/reward as balanced,” Lejuez said. — CNBC’s Michael Bloom contributed to this report.