Piper Jaffray Reiterates Neutral on PetSmart (PETM)

Piper Jaffray is out with a research report this morning, where it reiterates its Neutral rating on PetSmart Inc.

; it has a $34.00 price target on the stock. The PJ analysts said that they are maintaining estimates on the name and believe that PETM experienced additional gross margin expansion due to a lower mix of flea and tick products and the full introduction of the Martha Stewart line for dogs. While they will be listening for further signs of improvement in the hardgoods mix, which may suggest better sales and margins over the holiday selling Period, for now the price target remains $34.00.