Costco Wholesale Corp. (COST) - Get Report  is planting its feet oversees.

Last Thursday, June 22, Costco opened its first warehouse in Paris, according to a Tuesday, June 27, note published by BMO Capital Markets analysts, who attended the big reveal.

"[We] believe Costco has a big opportunity to expand in Europe as well as new markets in Asia," BMO said in the note.

Costco also recently opened two clubs in Spain and one in Iceland, according to the firm. The warehouse giant only has 32 stores in Europe, mostly in the U.K., compared to 510 in the United States. 

BMO said, too, that while they think Amazon's (AMZN) - Get Report $13.7 billion takeover of Whole Foods Market (WFM) is "overblown," in terms of its impact on Costco, the company needs to upgrade its digital and online capabilities or its "valuation could remain tempered by investor perception."

BMO maintained its outperform rating on Costco shares but lowered its price target to $185.

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Editor's Pick: Originally published June 27.