Wedbush Upgrades This Pet Products Retailer

by Shivani Kumaresan, Benzinga Staff Writer

December 6, 2021 1:09 PM | 1 min read | Make a Comment

Wedbush analyst Seth Basham upgraded Petco Health And Wellness Co Inc WOOF to Outperform from Neutral with a $23 price target, implying a 17% upside.
Basham said the shares being down 25% since the company reported earnings on November 18 presented an attractive entry point into shares of "a top-notch retailer in a less-discretionary sector."
The analyst acknowledged the spread of the omicron variant of COVID-19 as a risk for store-based retailers, but called out Petco's evolving holistic premium pet care model as "a standout."
Basham also contended that Petco is poised to keep taking share with its growing array of services.
Price Action: WOOF shares are trading higher by 6.35% at $19.60 on the last check Monday.