Needham & Company Starts PetSmart (PETM) at Buy; Superior Execution Should Lead To Market Share Expansion

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November 28, 2011 7:51 AM EST
Get 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
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Needham & Company initiates coverage on PetSmart (NASDAQ: PETM) with a Buy. PT $57.00.

Needham analyst says, "We believe steps the company has taken in recent years have left it very well positioned to gain further market share, even as store growth has been slowed. Operational improvements and merchandizing initiatives have boosted operating margins significantly, and we believe further expansion is likely. We believe a year from now, PETM shares will be trading at about 15.5x forward 12 months EPS, implying a price of $57, and upside potential of about 25% from current levels."

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 $45.33 yesterday.

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