PetSmart Earnings Preview (PETM)

PetSmart PETM will be releasing their quarterly earnings tomorrow after the opening bell. Piper Jaffray released a note today in which they said that they are raising their price target on the stock from $27 to $30 ahead of the report. The firm is maintaining their Neutral rating on the shares. Piper Jaffray is estimating that PETM's Q1 EPS will come in at $0.42 which is below current Wall Street consensus of $0.43. The company had previously issued guidance of $0.40-$0.44. The analysts wrote that PETM's consumables business appears to be strong, but that they will be looking for signs of improvement in the company's hard goods mix, "which could signal better sales and margins in the coming quarters." During the current trading session, PETM shares have gained 0.02% to $33.21.