Costco Stock: Next Stop $1,100?

Costco shares hit an all-time high of $1,094.32 in May but have fallen 14% since then. The stock would need to rise 17% to reach $1,100. While the company has strong fundamentals and a 126% trailing five-year return, its high valuation (P/E ratio of 47.2) suggests investors should wait for a pullback before buying.