UPDATE: Wedbush Raises PT on PetSmart to $54 (PETM)

Wedbush is out with its report today on PetSmart PETM, raising its PT from $51 to $54. In a note to clients, Wedbush writes, "Raising our price target to $54 (from $51), which assumes PETM should trade at 19x (previously 18x) our revised 2012 estimate of $2.70, or at the high end of the company's guided longer-term earnings growth rate of 13%-18%, plus $2.59 per share in cash. We assign a premium multiple given the company's market leadership position, strong management team, and expected improvements in the more discretionary hard goods and services." Wedbush maintains Outperform on PETM. At the time of posting, shares of PETM were trading pre-market at $44.92, up 5.72% from Wednesday's close.