UPDATE: Goldman Sachs Raises PT on PetSmart to $50 (PETM)

Goldman Sachs is out with its report today on PetSmart PETM, raising its PT from $49 to $50. In a note to clients, Goldman Sachs writes, "We raise our estimates to reflect better sales and slightly better gross margins. Our 2011 estimate rises to $2.43 from $2.40, while 2012 goes to $2.91 from $2.87 and 2013 to $3.18 from $3.15. As a result, our price target rises to $50 from $49. Note that the absence of sales volatility around weather and gas, solid growth for hardlines, good consumer uptake of upscale brands, and margin expansion at hotels bode well for the outlook." Goldman Sachs maintains Buy on PETM. At the time of posting, shares of PETM were trading pre-market at $44.80, up 5.44% from Wednesday's close.