Oppenheimer analyst Brian Nagel reiterated an Outperform rating on PetIQ and raised his price target to $50 from $28. In a research note to investors, Nagel says PetIQ’s “unique” business model continues to take shape well and the market is still meaningfully under-appreciating the company’s longer-term sales and profit potential. He also contends that the acquisition of VIP Petcare not only affords the chain a new, higher margin revenue stream, but also serves to meaningfully strengthen its core distribution business.
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