Nomura Securities Raises PT and Estimates on PetSmart (PETM) After Good Q1

Nomura Securities maintains a 'Buy' on PetSmart (NASDAQ: PETM) price target raised from $67 to $70.

Analyst, Aram Rubinson, said, "Q1:12 results at PETM had a different feel than Q4:11. Q1 EPS of $0.85 were well ahead of the Street’s $0.73. Results were driven by outperformance straight down the P&L. We were pleased to see a further acceleration in PETM sales. Comps improved on a 1-year (+7.4% from +5.5%) and a 2-year (+12.4% from +11.8%) basis. F12E EPS goes from $3.30 to $3.50 (8% ahead of guidance), F13E goes from $3.82 to $3.90, and we introduce F14E of $4.60."

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 $55.62 yesterday.

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