Markets & Finance

CS First Boston Cuts Petsmart to 'Neutral'


CS First Boston downgraded Petsmart (PETM) and Bed, Bath & Beyond (BBBY) to neutral from outperform.

Analyst Gary Baltar says he is downgrading due to the stocks' having recently reached their respective $20 and $37 targets. He says Petsmart recently has been trading at its highest valuation in more than four years, at a premium to most other retailers. He notes Bed & Bath has recently been fully nine multiple points more expensive than the next-highest priced retail stock he covers. With uncertainty the major theme of the fourth quarter, Baltar says he would look to stocks whose prices reflect less aggressive spending expectations: Best Buy, Dollar General and Lowe's.


Burger King's Young Buns
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

Sponsored Financial Commentaries

Sponsored Links

Buy a link now!

 
blog comments powered by Disqus