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PetSmart’s Target, Estimates Boosted at Needham & Co. Following Strong Q1 Results (PETM)

By Dividend.com,  May 23, 2012, 08:52:43 AM EDT

Pet products retailer PetSmart, Inc. ( PETM ) on Wednesday caught some bullish commentary from analysts at Needham & Company.

The firm maintained its "Buy" rating on PETM and raised its price target from $64 to $68. That new target suggests a 29% upside to the stock's Tuesday closing price of $55.62.

A Needham analyst commented, " PETM reported 1Q results that were better than expected. Sales were up 9.4% YoY to $1.63B versus our estimate, which was in line with consensus of $1.60B. SSS increased 7.4% in 1Q, which was above consensus of 4.8% and our estimate of 4.2%, and benefitted from a 3.3% increase in comparable transactions…We raise our EPS estimates as follows: 2012 is now $3.35, up from $3.15; 2013 is now $3.75 up from $3.65, and 2014 is now $4.40 up from $4.30."

PetSmart shares rose $4.58, or +8.2%, in premarket trading Wednesday.

The Bottom Line
Shares of PetSmart ( PETM ) have a 1.01% dividend yield, based on last night's closing stock price of $55.62. The stock has technical support in the $53-$55 price area. The shares are trading near all-time highs.

PetSmart, Inc. ( PETM ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: PETM



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