Oppenheimer Has Perform Rating On PetSmart

Oppenheimer & Co. has a Perform rating on shares of PetSmart, Inc. PETM. In a note to investors, Oppenheimer writes, "We look favorably upon the better than expected 1Q (Apr.) results and upbeat guidance provided by PETM. Above plan sales (+5%) together with strong margin improvement (+60 bps) drove upside in the quarter. We believe new product introductions are helping to drive stronger trends within the hard goods category. Management guidance for 2Q (Jul.) suggests a continuation of recent trends. Our Perform rating on PETM reflects valuation." Shares of PETM lost 21 cents yesterday to close at $42.49, a loss of 0.5%.