BUZZ-Petco Health up after Q3 sales, profit beat, PT raises

Reuters12-06
BUZZ-Petco Health up after Q3 sales, profit beat, PT raises

** Shares of American pet retailer Petco Health and Wellness WOOF.O rise ~10% to $5.40 premarket

** Co posted Q3 sales, profit beat after market close on Thursday

** Reported Q3 revenue of $1.51 bln, vs. analyst estimates of $1.50 bln, and adjusted loss per share of 2 cents vs. estimates of a 4 cents loss - data compiled by LSEG

** However, co expects Q4 sales and profit below Street expectations

** At least four brokerages raise PT on stock

** Brokerage Wedbush believes the Q4 outlook is appropriately conservative given the dynamic environment

** Forecasts upside as WOOF's profit-first strategy is showing signs of building margin improvement through supply chain savings and operational efficiencies; raises PT to $6 from $5.50

** Three of 13 brokerages rate the stock "buy" or higher, nine "hold" and one "sell"; with a median PT of $5

** Up to Thursday's close, stock has risen 55% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap
Leave a comment