Petco price target raised to $5.50 from $5 at Wedbush

Wedbush analyst Seth Basham raised the firm’s price target on Petco (WOOF) to $5.50 from $5 and keeps an Outperform rating on the shares. Wedbush continues to like Petco’s turnaround story nearing the end of Q3 and is setting its sights toward 2025 in what it thinks will be a pivotal year for the company as it executes on its profit-first, back-to-basics retail strategy where efforts should become more apparent on the top- and bottom-lines, the analyst tells investors in a research note. The firm sees attractive risk-reward, Petco’s fundamentals are improving and leverage remains manageable, Wedbush adds.