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

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."