NEW YORK (TheStreet) -- PetSmart (PETM) shares are down -1.4% to $57.46 in early market trading on Friday after being downgraded to "neutral" from "outperform" by analysts at Wedbush.
The firm also slashed the company's price target to $60 from $78.
PetSmart declared a cash dividend of 19 and and a half cents yesterday, payable August 15 to stock holders of record on August 1.
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TheStreet Ratings team rates PETSMART INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETSMART INC (PETM) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, growth in earnings per share, notable return on equity, reasonable valuation levels and largely solid financial position with reasonable debt levels by most measures. We feel these strengths outweigh the fact that the company shows low profit margins."