PetIQ: Shares droop as Raymond James trims PT ahead of qtrly report

PetIQ

04/03/2019 18:48

** PetIQ  PETQ.O  shares drop 12 pct and tracking biggest
one-day pct fall this year after Raymond James trims its PT by
$3 to $39
    ** Brokerage reduces 2019 adj EBITDA estimate to $50 mln,
saying its prior estimate of $53 mln was "somewhat aggressive
given the company’s long-term target of 20%+ EBITDA growth"
    ** But analyst Joseph Altobello sticks with "outperform"
rating saying VIP Petcare acquisition remains "highly"
complementary
    ** PETQ shares surged in mid-Jan following presentation at
the ICR Conference in Orlando, Florida, when co said it was
targeting long term net sales of $1 bln along with 25 pct EPS
growth  urn:newsml:reuters.com:*:nL1N1ZG100
    ** All 5 covering analysts recommend buying PETQ; median PT
$39.50 (Refinitiv data)
    ** PETQ shares recently down 10 pct at $26.60, cutting YTD
gain to 13 pct
    ** Short interest in PETQ has climbed to 4.7 mln shares,
nearing 52-week high (5.1 mln) and represents 22 pct of float
(Refinitiv data)
    ** Co scheduled to report results next Mon, Mar 11

 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com 646-223-5017))