Petco price target lowered to $10 from $12 at Morgan Stanley

Morgan Stanley analyst Simeon Gutman lowered the firm’s price target on Petco to $10 from $12 and keeps an Equal Weight rating on the shares. While still constructive on Petco’s long-term market share and services potential, 2023 growth will be slower and the company having guided 2023 interest expense about 20% above the Street forecast was likely the primary driver of the stock’s post-earnings decline yesterday, the firm said.