Tuesday, January 18, 2011 8:46:37 AM
By Roger Nachman
Benzinga Staff Writer
January 11, 2011 7:37 AM
Symbols: PETS
Tags: Piper Jaffray
Posted in: Analyst Color, Price Target, Analyst Ratings
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Piper Jaffray has an Underweight rating and a $12.50 price target on shares of PetMed Express (NASDAQ: PETS).
In a note sent to clients, Piper Jaffray writes, "Online web traffic data from comScore suggests that site visits for the month of December at PETS was down 26% yoy, which follows similarly disappointing trends noted in October (down 30% yoy) and November (down 36% yoy). In aggregate, we believe that 4Q10 web traffic was down 31% relative to year-ago levels, which supports our cautious outlook ahead of the company's FQ3 results expected later this month. We believe that concerns related to increased competition and aggressive pricing discounts outweigh the company's positive capital position and strong cash flows. We reiterate our Underweight rating and $12.50 price target on PETS and believe that further downward revisions to
consensus estimates are likely following the company's earnings release, particularly for FY12."
Shares of PETS closed at $15.78 yesterday.
Read more: http://www.benzinga.com/analyst-ratings/analyst-color/11/01/768992/piper-jaffray-underweight-on-petmed-express-pets#ixzz1BOW2xnj6
Recent PETS News
- Form 8-K - Current report • Edgar (US Regulatory) • 09/12/2024 01:02:02 PM
- PetMed Express, Inc. Announces Appointment of Robyn D’Elia as Chief Financial Officer • GlobeNewswire Inc. • 09/12/2024 12:00:00 PM
- PetMed Express, Inc. to Participate in the Morgan Stanley 22nd Annual Global Healthcare Conference • GlobeNewswire Inc. • 08/21/2024 12:30:00 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/19/2024 09:05:48 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/10/2024 01:02:51 AM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 08:28:29 PM
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- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 08:24:39 PM
- Form 4 - Statement of changes in beneficial ownership of securities • Edgar (US Regulatory) • 08/09/2024 08:21:49 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/08/2024 09:19:04 PM
- Form S-8 - Securities to be offered to employees in employee benefit plans • Edgar (US Regulatory) • 08/08/2024 08:04:14 PM
- Form 10-Q - Quarterly report [Sections 13 or 15(d)] • Edgar (US Regulatory) • 08/07/2024 08:07:40 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/06/2024 08:13:45 PM
- PetMeds® Announces Fiscal 2025 First Quarter Financial Results • GlobeNewswire Inc. • 08/06/2024 08:05:00 PM
- Form 8-K - Current report • Edgar (US Regulatory) • 08/05/2024 08:27:52 PM
- PetMed Express, Inc. Announces Appointment of Doug Krulik as Chief Accounting Officer • GlobeNewswire Inc. • 08/05/2024 08:05:10 PM
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- Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] • Edgar (US Regulatory) • 07/08/2024 08:32:39 PM
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