UPDATE: Deutsche Bank Reiterates Sell Rating, Lowers PT on PetSmart on Recent Adoption Data

In a report published Monday, Deutsche Bank analyst Mike Baker reiterated a Sell rating on

, but lowered the price target from $65.00 to $60.00. In the report, Deutsche Bank noted, “Same shelter data provided by Pethealth Inc.

shows that adoptions from “same shelters” through PETM stores that use 'PetPoint' software were down 6.0% in calendar 4Q13, vs a 1.2% increase in total shelter adoptions using PetPoint software during that time. From calendar 1Q10 to 1Q13, the PETM growth rates were either above the total or within 3% in 12 of the 13 quarters. But, for the last three calendar quarters, PETM's y/y growth rates in this subset of adoptions have been trending 7% to 11% worse than the total.” PetSmart closed on Friday at $64.93.