In a report published Thursday, Jefferies analyst Daniel Binder reiterated a Hold rating on PetSmart, Inc. PETM, and raised the price target from $70.00 to $78.00.
In the report, Jefferies noted, “PETM beat EPS expectations on expenses as it took 1x charges. PETM has hired lots of consultants to formulate a $200 million cost cutting plan and wring more savings and efficiencies out of the business over the next two years. We are giving them credit for it with some hesitation, since we have seen other retailers with plans like this come up short on flow through to EPS as top-line is pressured and ‘reinvestment' is necessary.”
PetSmart closed on Wednesday at $78.19.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in