UPDATE: Oppenheimer Raises PT on PetSmart to $58

Oppenheimer is out with its report today on PetSmart (NASDAQ: PETM), raising its PT from $49 to $58.

In its report, Oppenheimer writes, "Recent data suggest that top-line trends at PETM remain solid and likely further accelerated lately. We are again lifting our EPS estimates for PETM. Our price target on shares goes to $58 from $49 previously and suggests upside potential of more than 20% from current levels."

Oppenheimer maintains Outperform on PETM.

Shares of PETM closed Friday at $47.41.