Petco price target raised to $4.50 from $4 at Citi

Citi analyst Steven Zaccone raised the firm’s price target on Petco to $4.50 from $4 and keeps a Neutral rating on the shares. The analyst updated the company’s model following the Q2 earnings report. The firm reiterates its upside short-term view” on the shares given improving fundamentals and the positive catalyst path potential under new leadership. However, Citi awaits more tangible details from the new CEO on Petco’s strategic changes expected to start in 2025. It still believes “there are no easy fixes at the business and competition is stiff.”