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In a note released Friday, Bank of America analyst Denise Chai reinstated shares of PetSmart, Inc. (NASDAQ: PETM) with an Underperform rating and a $55 price objective.
Chai noted that shares of PetSmart are up 21 percent since Jana Partners announced a 9.9 percent stake in the company in July. However, she believes that since a potential buyer has not emerged following Jana's suggested sale of the company, the prospect of a deal appears to be diminishing.
Adding to her skepticism, Chai said PetSmart's high valuation and "challenged fundamentals" make a potential acquisition unattractive.
Shares of Pet Smart were trading down close to one percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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