As previously reported, CIBC downgraded Pet Valu (PTVLF) to Neutral from Outperformer with a price target of C$28, down from C$36. The firm noted that Q4 results “fell modestly short of expectations” due to softer demand and a more competitive promotional environment. While the stock’s reaction was sharp, and likely leaves limited further downside, CIBC sees limited catalysts to prompt a re-rate until same-store sales growth improves.
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Read More on PTVLF:
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