Petco new Executive Chairman ‘should be well received by market,’ says Baird

After Petco announced the appointment of Glenn Murphy as Executive Chairman of the Board, Baird analyst Peter Benedict said the addition of such a “proven retail executive with an impressive track record to the Board should be well received by the market.” The firm’s initial reaction to the news is “positive,” and it looks forward to learning more about Murphy’s plans, but it remains on the sidelines for now given limited visibility into profit stabilization and improvement. Baird keeps a Neutral rating and $2.50 price target on Petco shares.