PetMed Express price target lowered to $17 from $18 at Morgan Stanley

Morgan Stanley analyst Erin Wright lowered the firm’s price target on PetMed Express (PETS) to $17 from $18 and keeps an Underweight rating on the shares. A veterinary industry tracker the firm follows shows that Q1-to-date average weekly revenue across 4,885 U.S. practices rose 6.7% year-over-year, which the firm calls out as a "notable sequential improvement," while vet visits only declined 1.4%, which it said is "also notably better" than Q4. However, the firm remains cautious on near-term prospects for PetMed, particularly in light of recent trends reported by Chewy (CHWY) and Petco (WOOF) from a pet retail perspective alongside "still subdued" Nielsen data.