Petco price target lowered to $3.25 from $5.50 at UBS

UBS analyst Michael Lasser lowered the firm’s price target on Petco (WOOF) to $3.25 from $5.50 and keeps a Neutral rating on the shares. Petco, which delivered another quarter with outperformance versus its guidance, is at the stage where it seems to be “fine” letting its growth get out of the spotlight as it focuses on improving its profitability and returning to retail fundamentals, the analyst tells investors in a research note. Petco laid out a three-phase plan that takes a multi-faceted approach to address the opportunities it has to improve, though UBS doesn’t think all of the steps need to work at once for it to show continued improvement.