Goldman Sachs downgraded Petco (WOOF) to Neutral from Buy with an unchanged price target of $3.83. The company has improved its margins and free cash flow, but its sales growth “is still a show-me story,” the analyst tells investors in a research note. The firm believes Petco is still underperforming peers in a “very competitive industry.” This could impact the company’s plan to return to growth in 2026, contends Goldman.
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