UPDATE: ISI Comments On Costco's CEO Step Down

ISI released a research report on Costco

announcing CEO step down. In its report, ISI writes that, “Costco CEO and retail rock star Jim Sinegal announced that he is stepping down as CEO effective Jan 1, 2012. Jim's departure is not entirely unexpected given that he turns 76 next January, and what we view as a carefully choreographed succession plan with a capable Costco veteran in Craig Jelinek to take over. As President and COO for the past year and half, we do not anticipate major departures from Costco's current strategy when Craig assumes the CEO title.” ISI maintains its Hold rating and $78 price target. Shares of Costco closed at $78.54.