Inside the Market’s roundup of some of today’s key analyst actions
) quarterly results topping projections, Stifel analyst Martin Landry now sees its the risk-reward proposition for its shares as “less attractive at current levels,” leading him to downgrade his rating to “hold” from “buy” previously.
“Management expects Q2/24 same-store sales to grow at a similar pace to Q1/24 of 0.8 per cent. This is slower than consensus expectations of 2.5 per cent and suggests a deceleration of same-store-sales growth on a 2-year stack basis from 10 per cent in Q1/24 to roughly 7 per cent in Q2/24. Management is planning to invest in promotional activity in Q2/24 to stimulate consumer demand, which could result in market share gains.
With his forecast reductions, Mr. Landry trimmed his target for Pet Valu shares by $1 to $32. The average target on the Street is $36.88, according to LSEG data.* ATB Capital Markets’ Chris Murray to $41 from $42 with an “outperform” rating. Net revenue jumped 16 per cent year-over-year and 19 per cent quarter-over-quarter to $11.5-million, exceeding both Mr. Tse’s $9.8-million estimate and the consensus forecast on the Street of $9.8-million. Adjusted EBITDA returned to positive gains at $0.7-million, also topping expectations , which he attributed to “building” operating leverage.
“Real Matters reported FQ2 ahead of expectations driven by modestly better volumes with EBITDA returning to positive and significantly ahead of consensus, underscoring operating leverage,” said Mr. Young. “Revenue and net revenue returned to growth for the first time since 2021. Overall, management continues to execute well through a difficult macro and origination volumes at historic lows evidenced by cost containment and market share gains.
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