Jefferies analyst Kaumil Gajrawala raised the firm’s price target on PetIQ to $28 from $24 and keeps a Buy rating on the shares. As negative sentiment impacts the entire pet space, PetIQ shares are down 20% year-to-date, notes the analyst. However, recent retail results for pet meds are “encouraging” and PetIQ’s outlook for mid-single digit growth and high-single digit margins is higher than the U.S. food distributor peer set and “warrants a higher multiple,” the analyst tells investors.
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Read More on PETQ:
- PetIQ, Inc. Celebrates Expansion of Minties® Dental Treats Brand With Launch of New Dental Chew for Large-Sized Dogs
- PetIQ launches Minties dental treats for large-sized dogs
- PetIQ management to meet with Oppenheimer
- PetIQ, Inc. Kicks Off Flea & Tick Season With NextStar® Campaign Introducing New Pet Parent Education and Veterinary Support Resources
- PetIQ sees 2024 sales $1.13B-$1.18B, consensus $1.13B
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