Oppenheimer Has Perform Rating On Central Garden & Pet (CENT)

Oppenheimer & Co. has a Perform rating on Central Garden & Pet Co. CENT. In a note sent to clients, Oppenheimer writes, "Central Garden & Pet reported disappointing F4Q results, as net sales declined for the eighth consecutive quarter, while adjusted EPS loss of $0.02 was well below our estimate of a gain of $0.16 and consensus of $0.12. Although Garden sales declined more than expected, the one bright spot in the quarter was Pet, which appears to be turning a corner. While management emphasized a "relentless" focus on growth for fiscal 2011, we expect the stock to trade at a depressed multiple until the company can demonstrate evidence of this. Thus, despite a modestly attractive valuation, we are maintaining our Perform rating." Shares of CENT gained 15 cents yesterday to close at $10.23, a gain of 1.5%.