Oppenheimer analyst Brian Nagel reiterated a Buy rating on Petiq Inc (NASDAQ: PETQ) today and set a price target of $50. The company’s shares closed yesterday at $34.26.
Nagel observed:
“a report entitled: “A Category,” we launched coverage of PetIQ (PETQ) with an Outperform rating (8/15/17 at $23.21). PETQ has performed quite well lately and recently crossed through our prior price target. We carefully reviewed the tenets of our positive call on the shares. Our conclusion: the unique PETQ business model continues to take shape well, and despite the move up in shares, the market is still meaningfully under-appreciating the company’s intermediate to longer-term sales and profit potential. Key to our thinking on PETQ is our view that the acquisition of VIP Petcare not only affords the chain a new, higher margin revenue stream, but also serves to meaningfully strengthen its core distribution business. Our price target goes to $50.”
According to TipRanks.com, Nagel is a 5-star analyst with an average return of 8.8% and a 64.1% success rate. Nagel covers the Services sector, focusing on stocks such as Dick’s Sporting Goods, Advance Auto Parts, and Lumber Liquidators.
Petiq Inc has an analyst consensus of Strong Buy, with a price target consensus of $44.20, a 29.0% upside from current levels. In a report issued on September 28, C.L. King also initiated coverage with a Buy rating on the stock with a $49 price target.
.
See today’s analyst top recommended stocks >>
Based on Petiq Inc’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $2.5 million. In comparison, last year the company had a GAAP net loss of $226K.
Based on the recent corporate insider activity of 32 insiders, corporate insider sentiment is negative on the stock.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
PetIQ, Inc. is a holding company, which engages in the manufacture, procurement, packaging, and distribution of pet health and wellness products. It operates through the Domestic and International segments. The Domestic segment involves the Unites States and Canada markets. The International segment deals with Europe.
