Petco price target lowered to $2.75 from $5 at Citi

Citi lowered the firm’s price target on Petco (WOOF) to $2.75 from $5 and keeps a Neutral rating on the shares ahead of the company reporting Q4 earnings after the market close on March 26. The firm notes its estimates are “more/less in-line with the street” for Q4, but it lowered 2025 estimates to reflect weaker top-line trends and more back half-weighted EBITDA improvement. The firm adds that its estimates are below the Street view for both same-store sales and EBITDA in 2025.