Nomura Securities Maintains a 'Buy' on PetSmart (PETM); Raising Estimates/PT After Analyst Day
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Price: $69.48 -1.19%
Rating Summary:
6 Buy, 8 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Rating Summary:
6 Buy, 8 Hold, 1 Sell
Rating Trend:
Down
Today's Overall Ratings:
Up: 11 | Down: 18 | New: 13
Trade PETM Now!
Nomura Securities maintains a 'Buy' on PetSmart (NASDAQ: PETM) price target raised from $55 to $60.
Nomura analyst, Aram Rubinson, said, "PETM’s Analyst Day did more than reinforce our enthusiasm for the story. It added a few new dimensions that we had previously overlooked. In summary, the investment case is still at an early stage. What surprised us most about the meeting was the opportunity PETM still has for internal improvement and margin gains. Those improvements span across merchandising, operations and finance. Our new EPS estimates are $3.05 for 2012 (from $2.90) and $3.60 for 2013 (from $3.26). We lift our target to $60, reflecting 7.5x F2013 EBITDA. PETM is our favorite idea."
For more ratings news on PetSmart click here and for the rating history of PetSmart click here.
Shares of PetSmart closed at $45.70 yesterday, with a 52 week range of $35.27-$46.60.
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Nomura analyst, Aram Rubinson, said, "PETM’s Analyst Day did more than reinforce our enthusiasm for the story. It added a few new dimensions that we had previously overlooked. In summary, the investment case is still at an early stage. What surprised us most about the meeting was the opportunity PETM still has for internal improvement and margin gains. Those improvements span across merchandising, operations and finance. Our new EPS estimates are $3.05 for 2012 (from $2.90) and $3.60 for 2013 (from $3.26). We lift our target to $60, reflecting 7.5x F2013 EBITDA. PETM is our favorite idea."
For more ratings news on PetSmart click here and for the rating history of PetSmart click here.
Shares of PetSmart closed at $45.70 yesterday, with a 52 week range of $35.27-$46.60.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
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