Analyst Andrew Wade of Jefferies maintained a Buy rating on Pets at Home, with a price target of p265.00.
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Andrew Wade has given his Buy rating due to a combination of factors that underscore Pets at Home’s improving trading momentum and solid fundamentals. He highlights that third-quarter trading showed a further step-up in like-for-like performance in the Retail division, with underlying volumes returning to growth in both Food and Accessories despite deliberate price reductions. This volume recovery, achieved while investing in price, signals resilient customer demand and supports confidence in the sustainability of the topline. In parallel, the Vet Group delivered another robust quarter, adding a stable and higher-margin earnings stream that underpins group profitability.
Wade also notes that management has guided full-year FY26 profit before tax broadly in line with market expectations, allowing him to leave his own profit forecasts unchanged. This confirmation around earnings, combined with the group’s scale advantages and favorable long-term structural trends in the pet care market, strengthens the investment case. The integrated model between Retail and Vets, alongside the group’s market position, leads him to see further upside in the share price from current levels. Collectively, these elements justify maintaining a positive stance on the stock with a Buy recommendation.
PETS’s price has also changed moderately for the past six months – from p244.200 to p211.200, which is a -13.51% drop .