PetIQ price target raised to $28 from $24 at Jefferies

Jefferies analyst Kaumil Gajrawala raised the firm’s price target on PetIQ to $28 from $24 and keeps a Buy rating on the shares. As negative sentiment impacts the entire pet space, PetIQ shares are down 20% year-to-date, notes the analyst. However, recent retail results for pet meds are “encouraging” and PetIQ’s outlook for mid-single digit growth and high-single digit margins is higher than the U.S. food distributor peer set and “warrants a higher multiple,” the analyst tells investors.