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