Upgrades24 Sep 2020 12:16
Pets at Home Group PLC (LON:PETS) said its full-year underlying pre-tax profit is estimated to be ahead of the current market expectation for £73mln.
The pet care business, which could only sell a limited amount of products during the coronavirus (COVID-19) pandemic lockdown, said the momentum seen after all its operations restarted in the summer has continued through the past month.
READ: Pets at Home preferred by Liberum among animal health stocks
In the eight weeks to September 10, 2020, the company said it delivered “double-digit like-for-like growth in customer sales”.
Shore Capital moved the stock to 'buy' from 'hold' arguing with the earnings momentum and the self help levers available to the company that the shares have further to rise.
Analysts at Peel Hunt raised the target price to 350p from 300p and upgraded full-year profit expectations to £85mln from £77mln