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PetSmart Started as a “Buy” at Needham & Co. (PETM)

Pet products retailer PetSmart, Inc. ( PETM ) on Monday saw its coverage initiated with a a "Buy" rating by analysts at Needham & Co.

The firm also set a $57 price target on PETM shares, suggesting a 26% upside to the stock's Friday closing price of $45.33.

A Needham analyst noted he believes the company can continue to gain market share in the pet world in the next several quarters.

PetSmart shares, which have risen nearly 14% year-to-date, were unchanged in premarket trading Monday.

The Bottom Line

Shares of PetSmart ( PETM ) have a 1.24% dividend yield, based on Friday's closing stock price of $45.33. The stock has technical support in the $42 price area. The stock is trading near all-time highs of $48-$49 a share.

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 Nasdaq, Inc.

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

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