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PetSmart Upgraded to “Buy” at Goldman Sachs (PETM)

By Dividend.com Staff
November 13th, 2009

petsmart-upgraded-to-buy-at-goldman-sachs-petm

Pet products retailer PetSmart, Inc. (PETM) caught a big upgrade on Friday from analysts at Goldman Sachs.

The analyst boosted its rating on PETM to “Buy” from “Netural,” and raised its price target on the shares to $29. PetSmart shares had closed at $24.70 on Thursday.

Goldman said it expects better top-line trends from the company, as well as better gross margins.

PetSmart shares were mostly flat in premarket trading Friday.

The Bottom Line
We have been recommending shares of PETM since Oct.15, when the stock was trading at $23.44. The company has a dividend yield of 1.62%, based on last night’s closing stock price of $24.70.

PetSmart, Inc. (PETM) is a “recommended” dividend stock, holding a Dividend.com DARS™ Rating of 3.5 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.