PetMed Express price target lowered to $3.20 from $3.50 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on PetMed Express (PETS) to $3.20 from $3.50 and keeps an Underweight rating on the shares. The pet medication market has become increasingly competitive and 49% of veterinarians in the firm’s survey suggest PetMed Express is losing incremental share, the analyst tells investors. The firm is tempering its target on a tougher consumer macro environment and competitive headwinds following its proprietary AlphaWise survey of 75 U.S. companion animal veterinarians.