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Benzinga

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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