UPDATE: Bank of America Raises its PO on PetSmart to $68

According to a research report this morning, Bank of America raises its PO from $65 to $68 on PetSmart PETM based on its 2012E EPS which preformed very well. Bank of America stated, “Management raised its 2012 outlook and EPS to a range of $3.19 - $3.31 (from $3.02 - $3.16) with mid single-digit comps. We are raising our estimates. We maintain our Buy rating and lift our PO to $68. PETM's impressive Q1 results and raised guidance support our view that the company, as the industry leader with solid execution, is in an excellent position to capitalize on the strong pet adoption and vet trends we have been seeing since late 2011.” PetSmart closed yesterday at $55.62.