Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Petco Jumps as BofA Calls it a Buy; Cites Reopening Trends

Stock MarketsMar 19, 2021 11:59AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters

Dhirendra Tripathi

Investing.com – Shares of Petco Health (NASDAQ:WOOF) rose 7% on Friday after BofA Securities upgraded the stock to buy from neutral.

The brokerage’s $28 price target is 17% higher than the stock’s current level. BofA cited the trend of higher pet adoption in the U.S. for its optimistic outlook.

The health and wellness company for pets is seen benefiting from tailwinds in the industry, including a recovery in services as markets reopen and longer-term growth across the chain’s services online, according to the brokerage.

On Thursday, Petco gave an optimistic forecast for the year. It sees 2021 revenue between $5.25 billion and $5.35 billion. The projections represent an increase in a range of 7.1% and 9.2% compared to last year.

The company used its January IPO proceeds to halve its net debt to $1.5 billion.

Petco said the fruits of its efforts at transformation into an omnichannel health and wellness provider were proving to be successful, something BofA also pinned its hopes on while giving its forecast.

Petco Jumps as BofA Calls it a Buy; Cites Reopening Trends
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email