Nomura Securities Maintains a 'Buy' on PetSmart (PETM); 3Q Review
Tweet
Share
E-mailGet Alerts PETM Hot Sheet
Price: $82.98 --0%
Rating Summary:
2 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 18 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Join SI Premium – FREE
Nomura Securities maintains a 'Buy' on PetSmart (NASDAQ: PETM) price target raised $2 to $62.00.
Nomura analyst, Aram Rubinson, said, "PETM reported Q3 EPS of $0.50 – $0.02 ahead of Street consensus and our forecast. Heading into the quarter, PETM had positively pre-announced EPS of $0.46-$0.48. Q3 marked another strong result. Comps were strong across the board, including hardlines, which accelerated to an estimated 5% from 2% in Q2. Traffic growth comped 2.2%, indicating a healthy balance to the business. GM was strong, helped by occupancy. Cash converted nicely from EBITDA. We raise 2012 EPS estimates to $3.13 (from $3.05) and raise our 2013 estimate to $3.75 (from $3.60). We raise our price target to $62 and continue to believe that PETM is the most attractive investment in our coverage."
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 $47.66 yesterday.
Nomura analyst, Aram Rubinson, said, "PETM reported Q3 EPS of $0.50 – $0.02 ahead of Street consensus and our forecast. Heading into the quarter, PETM had positively pre-announced EPS of $0.46-$0.48. Q3 marked another strong result. Comps were strong across the board, including hardlines, which accelerated to an estimated 5% from 2% in Q2. Traffic growth comped 2.2%, indicating a healthy balance to the business. GM was strong, helped by occupancy. Cash converted nicely from EBITDA. We raise 2012 EPS estimates to $3.13 (from $3.05) and raise our 2013 estimate to $3.75 (from $3.60). We raise our price target to $62 and continue to believe that PETM is the most attractive investment in our coverage."
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 $47.66 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Nomura/Instinet Upgrades Genting Singapore (GENS:SP) (GIGNY) to Neutral
- Fiserv (FISV) PT Lowered to $60 at Freedom Broker
- JD.com (JD) Reiterated at Buy by Benchmark Amid Earnings Recovery
Create E-mail Alert Related Categories
Analyst CommentsRelated Entities
NomuraSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
