Zacks Investment Research upgraded shares of PetMed Express, Inc. (PETS) from NEUTRAL to OUTPERFORM on January 25, 2013, with a target price of $15.00.
PetMed reported EPS of $0.23 during the third quarter of fiscal 2013, well ahead of the Zacks Consensus Estimates of $0.22. Revenues of $49.6 million were almost in line with the estimates. We are encouraged by the company's efforts to revive the recent drop in new order and re-order sales. PetMed is currently striving to expand its product portfolio. Amid a challenging advertising scenario, the company is focusing on the online medium for a better outcome. Although Novartis production halt still remains a matter of concern, the company is undertaking several initiatives to revive its top line. Accordingly we upgrade the stock to Outperform.
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