Costco (NASDAQ:COST) Total Costco Membership Cardholders rose from around 98.5 million in 2019 to about 106 million in 2020. Trefis expects the metric to rise to around 109 million in 2021 and to 112 million in 2022.
We expect growth to continue in the future, driven by the expansion of new stores in the U.S. as well as international markets.
We think the projected growth is largely priced into COST stock. We value Costco stock at about $456 per share, about 3% ahead of the current market price.