UPDATE: Jefferies Lowers PT on VCA Antech from $24 to $20
Jefferies reiterated a Hold rating on VCA Antech (NASDAQ: WOOF) and lowered its price target from $24 to $20.
Jefferies noted, “Expect a sharp sell-off in WOOF shares today after the company reported Q2 "comps" that were meaningfully below expectations and the perceived industry growth rate. Mgmt's decision to staff up and raise salaries in anticipation of volume strength that didn't materialize exacerbated organic volume weakness. As WOOF's credibility and earnings visibility continue to erode, we expect the stock to remain tied down in the $18-$22 range NT.”
VCA Antech closed at $19.51 on Thursday.
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