Costco On The Go

em>Joel Elconin is the co-host of

, a daily trading idea radio show.

Costco Wholesale Corp

shares are trading sharply higher by $3.50 at $142.95in Friday's session. The catalyst for the rally is an upgrade from Oppenheimer. Analyst Brian Nagel uploaded the issue from Perform to Outperform with a price target of $160. After a higher open ($141.30 vs. Thursday's close of $139.45), it retreated only $0.13 to $141.17 before continuing to rally. So far, it has reached $143.14 and is trading just off that level. That coincides with its June 1 high at $143.25. If the rally continues there may be additional resistance at its May 29 high ($143.95). The all time high in the issue was made after it announced a special $5 dividend to shareholders on March 24 at $154.23. Its all time closing high was posted on that same day at $153.14. Costco is having one of its best weeks since the special dividend was declared and paid. It has added over $6 from last Thursday's close of $136.38.