UPDATE: Wedbush Maintain Outperform on PetSmart With New CFO Carrie Teffner Appointed

According to a research report published this morning, Wedbush maintain PetSmart

with an Outperform rating and $82.00 PT. Wedbush mentioned in the report, "Our bull thesis is driven by our belief that the company's destination stores, combined with an improving online experience, best position the company versus competitors from both a bricks & mortar and online perspective. We believe pet owners will continue to be drawn to PETM's entertaining one stopshopping experience with broad assortments, exclusive hot products, and convenient services. We are also bullish on the company's organic growth opportunities and commitment to drive total shareholder returns. Finally, we believe valuation is attractive, especially utilizing peer group FCF multiples. After year-end results were reported in March, the stock came under pressure from the above-mentioned concerns and stayed there until recently as sentiment has become slightly more positive." PetSmart currently trades at $68.89.