Nomura Securities Maintains a 'Buy' on PetSmart (PETM); Continue Recommending Shares Ahead of Earnings Report

Nomura Securities maintains a 'Buy' on PetSmart (NASDAQ: PETM) price target of $56.00.

Nomura analyst, Aram Rubinson, says, "We continue to recommend PETM ahead of earnings scheduled for August 17. Our estimates are ~4% ahead of consensus for Q2 and ~9% ahead of consensus for FY 2012. We believe downside is limited given stable industry dynamics, positive comp history, clean balance sheet, differentiated service component, share buy backs, and current valuation at 8.4x 2008 (trough) EBITDA vs. coverage average of 10.1x. Our price target of $56 is 37% higher than current prices."

For more ratings news on PetSmart click here and for the rating history of PetSmart click here.

Shares of PetSmart closed at $40.78 yesterday.

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