Petsmart Price Target Cut to $80.00 (PETM)
“PetSmart reported 4Q EPS $0.01 below our forecast, though above guidance, due to slightly lower-than expected sales with 4.6% comps. Management noted that sales experienced volatility during 4Q, and we estimate comps likely had ~100 bps impact from Hurricane Sandy. That said, there has been sequential improvement 1Q-to-date, and we remain positive on company and industry fundamentals. We reiterate our Buy rating and believe that further improvement to already-favorable pet industry and housing metrics will provide potential upside.,” Bank of America’s analyst wrote.
PETM has been the subject of a number of other recent research reports. Analysts at Morgan Stanley set a $77.00 price target on shares of Petsmart in a research note to investors on Thursday. They now have an overweight rating on the stock. Separately, analysts at Jefferies Group cut their price target on shares of Petsmart from $71.00 to $66.00 in a research note to investors on Thursday. They now have a hold rating on the stock. Finally, analysts at Piper Jaffray downgraded shares of Petsmart from an overweight rating to a neutral rating in a research note to investors on Thursday. They now have a $68.00 price target on the stock.
Eight investment analysts have rated the stock with a buy rating, one has given an overweight rating, sixteen have issued a hold rating, and one has assigned a sell rating to the stock. The company has an average rating of overweight and a consensus price target of $71.82.
Shares of Petsmart traded down 0.50% during mid-day trading on Thursday, hitting $63.10. Petsmart has a one year low of $54.20 and a one year high of $72.75. The stock’s 50-day moving average is currently $65.44. The company has a market cap of $6.718 billion and a P/E ratio of 17.86.
PetSmart, Inc. supplies products, services and solutions for the lifetime needs of pets. The Company operates a website for pet supplies, foods and different animal needs.
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