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SMALL BUSINESS
Petsmart shares climb after Goldman upgrade
AP
SAN FRANCISCO -Shares of Petsmart Inc. climbed Friday after Goldman Sachs upgraded the pet supplies retailer based on an expectation of higher sales and improved profitability.
Shares rose $1, or 4 percent, to $25.70 in afternoon trading.
Goldman Sachs analyst Matthew Fassler moved Petsmart to the firm's "Buy" list from a "Neutral" rating.
He told investors, "Petsmart remains well-positioned as the price leader within the pet specialty sector, with strong services businesses driving sticky customer relationships."
Fassler raised Goldman's 2010 profit estimate by 3 cents to $1.73 and its 2011 estimate by 3 cents to $1.91. He said Wall Street's consensus estimate were too low.
Analysts polled by Thomson Reuters predict 2010 profit of $1.50 and 2011 profit of $1.63.
Petsmart is based in Phoenix. It sells pet food, treats, litter, collars, leashes and other items.
Copyright 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
2009-11-13 13:12:57
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