PetMed Express downgraded to Hold from Buy at Lake Street

Lake Street downgraded PetMed Express to Hold from Buy with a price target of $3.50, down from $7. Following “mixed” results in Q1, the firm thinks the company will continue to be under pressure in the near term as it believes the new management team has the right vision for the business and is making progress, but that financials will remain soft given the lack of visibility into the timeline of the turnaround and continued macro challenges.