Citi ups Petco target, opens ‘positive catalyst watch’

Citi analyst Steven Zaccone raised the firm’s price target on Petco to $4 from $3 and keeps a Neutral rating on the shares. The analyst also opened a “90-day positive catalyst watch” on the shares. The announcement of Joel Anderson as CEO effective July 29 “is an impressive hire,” the analyst tells investors in a research note. The firm expects Anderson’s appointment will give investors additional confidence strong leadership is in place to make progress. The stock could see shot-term upside as Anderson lays out his initial views on strategic changes set to occur at Petco, the analyst tells investors in a research note.