) FY10 and FY11 estimates to $1.97 and $2.25 from $1.96 and $2.29. “On our new estimates, PETM is trading at 19.2x and 16.9x FY10 and FY11, compared to the hardline averages of 16.2x and 14.0x,” Deutsche Bank writes. “Our price target is $36, based on 16x FY11, which is in line with our LT growth rate and above the historical hardline average multiple of 15x due to PETM's above average growth rate.” Downside risks, Deutsche Bank says, include gross margin pressure to mix and increased competitor store openings, while upside risks include the impact of an improving economy on services and hardgoods. PetSmart currently trades at $37.39.