Petco price target raised to $4 from $3.50 at Wells Fargo

Wells Fargo analyst Zachary Fadem raised the firm’s price target on Petco (WOOF) to $4 from $3.50 and keeps an Equal Weight rating on the shares. While Q2 comps were in-line, the firm sees Petco shares sharply higher tomorrow via EBITDA upside and additional signs of turnaround progress. That said, with topline still muted and high category competition, Wells stays sidelined.