Goldman Sachs Upgrades PetSmart (PETM) to Buy, Sees 18% Upside

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April 21, 2011 7:44 AM EDT
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: 3 | Down: 5 | New: 34
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Goldman Sachs upgraded PetSmart (NASDAQ: PETM) from Neural to Buy and raised their price target from $46 to $49, suggesting 18% upside.

Goldman expects the pet supply operator to exceed consensus forecasts as its benefits from ongoing merchandising enhancements without margin headwinds from product mix for the first time in several years.

In addition, a slow and steady rise in inflation in high-end pet food will aid sales visibility.

2011 EPS estimate goes to $2.40 from $2.34, 2012 to $2.87 from $2.75, and 2013 to $3.15 from $3.02.

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

Shares of PetSmart closed at $41.57 yesterday.

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