UPDATE: PetMed Express (PETS) PT Lowered to $19 at Jefferies

Jefferies analyst Corey Grady lowered the price target on PetMed Express (NASDAQ: PETS) to $19.00 (from $20.00) while maintaining a Hold rating.

The analyst comments "PETS reported in line 2Q23 sales but Adj-EBITDA below as the co invests in people & capabilities to support the co's transformation to a pet health subscription platform. New customer growth continued to decline; LTV expansion through assortment & services partnerships over coming qtrs will support customer acquisition spend. Consistent new customer growth remains key for share performance. We lower Adj-EBITDA on outlook for higher G&A investment. PT to $19."

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