Sam Boughedda

Investing.com — In a note to clients Friday, Needham analyst Anna Andreeva maintained a Buy rating and a $30 price target on Petco (NASDAQ:).

An analyst informed investors that Petco stock, due to its replenishment demand, is “good to hide” ahead of the company’s earnings release on May 24th.

This week’s Walmart merger has resulted in the stock price of pet retailers falling. Target (NYSE:) Provided a conservative view on consumer spending.

Petco shares fell 11.5% on Friday, and by 24% in 2022.

Elsewhere, Jefferies analyst Stephanie Wissink said the selloff in the pet specialty market is overdone as demand in the “recession-resistant” category remains healthy, and there are minimal risks to pet retailers from category rotation.

Wissink has lowered the price target for Petco from $21 to $19 while still maintaining a Hold Rating.