Jefferies Sees PerSmart (PETM) Posting In-Line to Better Q1 Earnings

Jefferies is reiterating its Buy rating on shares of PetSmart (NASDAQ: PETM) and is raising its price target from from $47 to $52.

The firm's field research has lead it to believe sales should be toward the upper end of PETM's low to mid single digit comp store sales plan for Q1. As a result the firm is raising its Q1:12, FY12, and FY13 EPS estimates by $0.01 to $0.55, $2.32 and $2.65; which is based on a projected 5% comp store sales gain.

Jefferies notes that the recent inflation in human food prices provides potential for a spike in animal food prices as they have shown a direct relationship in the past.

For more ratings news on PetSmart click here and for the rating history of PetSmart click here.

Shares of PetSmart closed at $44.23 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Blue Owl leads $2.4 billion debt deal for Iren data center
• AiRWA receives Nasdaq deficiency notice over late 10-K filing
• Chagee Holdings (CHA) Tops Q2 EPS by 3c