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Petco price target lowered to $14 from $18 at Baird

Baird analyst Peter Benedict lowered the firm’s price target on Petco to $14 from $18 and keeps an Outperform rating on the shares. The company’s Q3 results were relatively in line with expectations and consistent with Q2, while its customer acquisition/engagement metrics remain encouraging, the analyst tells investors in a research note. Higher interest expense will represent a material earnings headwind in Q4 and FY23, but he is positive on the relative resilience of the pet category and Petco’s "unique/comprehensive" pet care ecosystem, Benedict adds.

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