PetIQ initiated with a Buy at Lake Street

Lake Street initiated coverage of PetIQ with a Buy rating and $28 price target. As “the industry-leading pet health and wellness products provider” to the retail channel, the company has built relationships with all major retailers and has over 60,000 points of distribution, the analyst tells investors. The firm sees the company’s wide competitive moat in its distributor business driving further volume at retailers, while it expects the branded segment to continue to take outsized share gains and drive improved margin and earnings growth, the analyst added.