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Fly News Breaks for July 9, 2018
PETS
Jul 9, 2018 | 07:17 EDT
Craig-Hallum analyst Kevin Ellich downgraded PetMed Express to Sell from Hold following the launch of Chewy Pharmacy by Chewy.com, which he thinks will result in potential market share loss, margin pressure and multiple contraction for PetMed. Noting that his price comparison shows Chewy Pharmacy is already competitive with PetMed Express, he lowered his estimates for FY19 and FY20 and cut his price target for PetMed shares to $32 from $38.
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