Petco price target lowered to $11 from $14 at Baird

Baird analyst Peter Benedict lowered the firm’s price target on Petco to $11 from $14 and keeps an Outperform rating on the shares following the company’s Q4 report. While the firm said its "conviction on the stock is lower" following the "disappointing" FY23 guidance, management "seems to have set a bar they are intent on clearing" and the defensiveness of the pet goods sector has appeal in the current challenging macro environment, the analyst tells investors.