Form 8-K PETSMART INC For: Nov 18

Go back to Form 8-K PETSMART INC For: Nov 18

UBS Still on the Sidelines Following PetSmart's (PETM) Q3 Report; Boosts PT to $77

November 19, 2014 8:51 AM EST

UBS boosts its price target of PetSmart (Nasdaq: PETM) from $71 up to $77 while maintaining a Neutral rating.

Analyst Michael Lasser commented, Against our model, PETM's flat comp of was consistent with our est (& above the cons. of -0.2%). Traffic remained under heavy pressure at -2.4%, consistent with 1H. Its $1.02 adjusted EPS well exceeded the 3Q'14 EPS guidance of $0.93 to $0.97. The beat was driven by better than expected OG&A leverage of 94 bps to 19.8% (vs. UBSe 20.4%),... More