Janney Montgomery Scott Initiates Coverage on PetSmart (PETM) with a Neutral
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Janney Montgomery Scott initiates coverage on PetSmart (Nasdaq: PETM) with a Neutral. Price target $21.
Janney analyst says, "Despite being impressed by strong cash flow generation, we remain sidelined until the company's investment in gross margin is offset by sales increases and operating cost cuts. Until then we believe the stock remains range- bound. This is reminiscent of Kroger's (NYSE: KR) investment in gross margin in the early part of the decade, which ultimately led to stock outperformance once sales growth and operating expense cuts were enough to offset the gross margin investments, but the process of this transformation was painful, keeping KR's stock performance in check.
To see more analyst ratings on PETM Click Here.
PetSmart, Inc. (PetSmart) is a specialty provider of products, services and solutions for the lifetime needs of pets.
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