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Petco Gains Another 10%, Bringing Two-Day Post-Earnings Rally to Nearly 30%

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Jerry Kronenberg wrote a column · May 23 16:46
$Petco Health and Wellness(WOOF.US)$ rose more than 10% Thursday, extending a rally that's seen the retailer's stock gain nearly 30% since Tuesday's close following well-received quarterly results and forward guidance.
Petco added 10.1% to $3.17, adding to a 17.6% rally Wednesday that followed better-than-expected fiscal Q1 results from the pet-store chain. All told, the stock has risen 29.4% since Tuesday's $2.45 close.
Petco reported Wednesday that it saw a $0.04 adjusted loss per share for its fiscal Q1 ended May 4 -- narrower than the 6 cents of red ink that Wall Street had reportedly projected.
Net sales also came in at $1.53 billion, slightly beating the $1.51 billion consensus that analysts had reportedly expected.
Additionally, the firm guided fiscal Q2 net revenues to $1.53 billion, better than the $1.5 billion consensus estimate that published reports indicated analysts had been projecting.
All in, the well-regarded results and guidance prompted several analysts to boost Petco's price target.
For instance,UBS reportedly increased its target on the stock to $3.25 from a previous $2.50 while reiterating WOOF's "Neutral" rating.
Separately, published reports said Wedbush added the stock to its "Best Ideas" list, boosting Petco's price target to $4 from an earlier $3 while keeping the stock rated at "Outperform."
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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