Deutsche Bank has reiterated its "Hold" rating for pet supply
retailer, PetSmart, Inc.(
), and has raised its price target Friday.
The firm has reaffirmed its rating of "Hold" for the company,
and has increased its price target from $68 to $71. This price
target suggests a 5% increase over the stock's current price of
An analyst noted, "PetSmart reported another strong quarter with
upside across the board. Comps came in at 6.5% vs consensus of 5%
driven by continued strength in higher-end consumables. This upside
helped PETM leverage occupancy ahead of expectations, driving 100
bps of gross margin gains, and leverage on expenses. The company
also benefitted from easier advertising expense compares. We
maintain our Hold rating as we balance strong sales and gross
margin trends with the company's premium."
PetSmart shares were mostly flat during premarket trading
Friday. The stock is up 31.57% YTD.
The Bottom Line
Shares of PetSmart (
) have a .98% dividend yield, based on last night's closing stock
price of $67.48. The stock has technical support in the $62-$63
price area. The stock is trading near the all-time high price range
of $70-$72 a share.
) is not recommended at this time, holding a Dividend.com DARS™
Rating of 3.4 out of 5 stars.
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, as well as a detailed explanation of
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