Nomura Securities Maintains a 'Buy' on PetSmart (PETM); Raising PT & Estimates Ahead of Q1

May 10, 2012 10:56 AM EDT
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Price: $82.98 --0%

Rating Summary:
    2 Buy, 18 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 24 | Down: 17 | New: 14
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Nomura Securities maintains a 'Buy' on PetSmart (NASDAQ: PETM) price target raised from $62 to $67.

Analyst, Aram Rubinson, said, "We are adjusting our model to reflect better trends in pet adoption. Data from Pethealth, Inc. (PTZ: TSX, not covered), indicates that cat/dog adoption has accelerated from +6% in FQ4/11 to +10% in FQ1/12 to date. New pet acquisition is typically good for category mix, as new ‘parents’ stock up on higher margin goods. PETM has gone one step further and opened full-time adoption centers in certain states. Our new estimates of $3.30 and $3.82 (from $3.25 and $3.75) for F12 and F13 are 6% and 10% ahead of the Street."

For an analyst ratings summary and ratings history on PetSmart click here. For more ratings news on PetSmart click here.

Shares of PetSmart closed at $56.57 yesterday.

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