UPDATE: McAdams Wright Ragen Cuts PT to $98 on Costco Wholesale Following Dividend

McAdams Wright Ragen reiterated Costco Wholesale

at Hold while cutting its price target from $102 to $98. McAdams Wright Ragen commented, "Overall, operating trends remain strong. However, with the stock trading at 22x our FY13 earnings estimate, we maintain our Hold rating, and prefer a lower entry price. We are also lowering our price target to $98, or 22x our FY13 estimate, from $102, in part to compensate for $7.00 per share special dividend." Costco Wholesale closed at $97.72 on Wednesday.