Petco price target raised to $3.50 from $3 at Wells Fargo

Wells Fargo raised the firm’s price target on Petco (WOOF) to $3.50 from $3 and keeps an Equal Weight rating on the shares. The firm sees Petco shares lower on Friday with Q1 in line but near-term progress simply not strong enough to fuel a leg higher. Wells believes the long-term opportunity remains, initiatives are promising and EBIT% is improving, but considering a heavy long-term lift, the firm is sidelined.