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Total Revenue Change Columbia University(哥伦比亚大学总收入的变化)
U.S Specialty Retailer
NYSE ticker: PETM
Recommendation: HOLD Highlights
Recommendation
Current Price: $40.55 (3/16/11)
We initiate coverage of PetSmart (PETM) stock with a HOLD rating. PetSmart is a fundamentally strong
Target Price: $38-$42 company with excellent future revenue expectations, the largest industry market share, solid cost controls, and
good competitive positioning. However, these factors are fully reflected in the current stock price.
Industry: The pet industry is part of the consumer discretionary sector, but unlike many companies
in this sector, PetSmart has continued to perform well as pet owners have been unwilling to cut back
on spending for their animals. During this period, pet spending has increased, and we forecast this
increase will continue at a rate of 4-7% per year. The increased humanization of pets will continue to
drive positive comparables for pet spending as pet owners strive to improve the quality of their pet‟s
lives. With these trends, PetSmart will continue to maintain value for shareholders.
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