Nomura Securities Maintains a 'Buy' on PetSmart (PETM); Raising Estimates

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

Nomura analyst, Aram Rubinson, says, "PETM reported a strong Q2; we are raising estimates. Earnings, at $0.54, were a penny ahead of our estimate and $0.03 ahead of the Street. Upside was driven by same-store sales and gross margin, slightly offset by SG&A expense. We are encouraged by H2 guidance that assumes full-year sales creep toward the higher end of guidance and that training comped positive (the first time in many quarters). Our FY11E EPS goes to $2.58 to $2.55."

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

Shares of PetSmart closed at $41.56 yesterday.

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