Petco price target raised to $6 from $5 at Evercore ISI

Evercore ISI raised the firm’s price target on Petco (WOOF) to $6 from $5 and keeps an In Line rating on the shares. The company’s Q3 results were slightly ahead of expectations, and improvement in EBIT margins suggests the company has done enough to make the grade, the analyst tells investors in a research note. The firm added that, while Petco has regressed sharply from peak levels in 2022, in the short-term it believes challenges associated with mix, share pressure, and company specific factors will dictate the earnings and stock performance into 2025. The analyst added that the firm, longer-term, likes Petco’s positioning in the attractive pet industry.