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Benzinga
Benzinga
Business
Shivani Kumaresan

Here's Why Needham Is Bullish On This Pet Retailer

Needham Anna Andreeva Petco Nasdaq WOOF Inflation
  • Needham analyst Anna Andreeva said she does not see any trade down in Petco Health And Wellness Company Inc (NASDAQ:WOOF) as it continues to pass through inflation successfully.
  • Andreeva has a Buy rating and a $30 price target (87% upside) on the shares.
  • Related: Read Why Needham Is Bullish On This Pet Retailer, Why Petco Shares Are Gaining Today
  • The analyst thinks the company is becoming an omnichannel powerhouse after a digital overhaul by CEO Ron Coughlin.
  • Andreeva said DoorDash Inc (NYSE:DASH) partnership for same-day delivery available across the entire store base is a big competitive advantage.
  • With Petco providing a one-stop solution across consumables and services, the analyst cited the model as an advantage over digital-only players.
  • Price Action: WOOF shares are trading lower by 0.25% at $16.04 on the last check Thursday.
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