PetIQ Inc. (PETQ) PT Lowered to $36 at Jefferies

Jefferies analyst Kevin Grundy lowered the price target on PetIQ Inc. (NASDAQ: PETQ) to $36.00 (from $40.00) while maintaining a Buy rating.

The analyst commented, "We reset our 2H EBITDA estimates for Services division due to prev. noted NT headwinds related to cost inflation and labor-driven closures, which have persisted. We now model Q3 and 2021 in line with cons. Next week, we host mgmt at our Pet Care Virtual Summit and hope for increased visibility into Services recovery and sustained profit potential in Products. NT faces a degree of operating uncertainty; LT growth intact. $36 PT is based on 13x F22 EV/EBITDA."

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