Petco Health reverses course after brokerages lift PT

Petco Health and Wellness

11/09/2024 16:27

(Updates)
    ** Petco Health and Wellness  WOOF.O  shares reverse
premarket losses to rise ~25% to $3.84 in morning trade
        ** At least two brokerages lift target price on WOOF
after Q2 results, Q3 forecast
  
        ** Pet health company expects Q3 adjusted loss per share
to be between 3 cents and 4 cents, while analysts were expecting
a loss of 4 cents
  
    ** Company forecasts Q3 revenue of $1.50 billion, below LSEG
estimates of $1.51 billion
    ** WOOF reports Q2 sales and adjusted loss in line with LSEG
estimates
    ** Wells Fargo and RBC Capital Markets lift PT on stock to
$3 and $3.50, respectively
    ** Wedbush notes outlook is "appropriately conservative
given the dynamic environment"
    ** WOOF's profit-first strategy is showing signs of building
margin improvement through supply-chain savings and operational
efficiencies - Wedbush
    ** As of last close, stock down 2.9% YTD

 (Reporting by Ananya Mariam Rajesh and Juveria Tabassum in
Bengaluru)
 ((AnanyaMariam.Rajesh@thomsonreuters.com ; X: https://twitter.com/AnanyaMariam))