UBS is Still a Buyer of PetSmart (PETM) Despite Lackluster Results

March 7, 2013 1:03 PM EST
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Price: $82.98 --0%

Rating Summary:
    2 Buy, 18 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 13
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PetSmart (NASDAQ: PETM) is down about 7 percent today following weaker-than-expected Q4 results and outlook after the close. Analysts at UBS, however, are still buyers of the stock.

The firm said the fourth quarter showed the story is unchanged, but not immune from macro.

"While the comp decelerated slightly more than most were expecting, this was not unlike WFM or VSI, which share a similar customer demographic," the analyst said. "The consistency shows that this customer segment likely pared spending in late Jan rather than migrating it to other channels. With the stock looking likely to open down in the low-$60s, we see it as a potentially attractive opportunity."

The firm cut their price target from $80 to $77, while maintaining a Buy rating. The firm moved FY14 EPS from $3.90 to $3.95 and FY15 from $4.50 to $4.57.

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 $66.55 yesterday.

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