Piper Jaffray Maintains PetMed Express Underweight, Lowers PT

Piper Jaffray maintained its PetMed Express (NASDAQ: PETS) Underweight rating and lowered its PetMed Express price target from $10 to $9 in a research report published today.

In the report, Piper Jaffray states, "While FQ2 results showed some signs of improvement, we think it is too early to call this a trend and we maintain our Underweight rating due to: 1) continued pricing pressure from brick-and-mortar retailers, 2) unsustainable gross margins, and 3) expectations for increased advertising spend at a time when scatter market rates are likely to increase."

Shares of PetMed Express were trading at $9.62 at the time of posting, up 3.55% from Friday's market close.