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UPDATE: Wedbush Maintains Outperform on PetSmart With New CFO

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According to a research report published Tuesday, Wedbush maintained PetSmart (NASDAQ: PETM) with an Outperform rating and $82.00 PT.

Wedbush analysts Joan Storms and John Garrett 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.

Latest Ratings for PETM

DateFirmActionFromTo
Nov 2014JefferiesMaintainsHold
Nov 2014BarclaysMaintainsEqual-Weight
Nov 2014Morgan StanleyMaintainsEqual-Weight

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