The firm also raised its full year 2014 earnings estimate for the pet supply retail chain to $4.41 per share from $4.27 per share.
Barclays said it upped its numbers on PetSmart based on "management's newly announced profit improvement program, which could result in annual pre-tax cost savings of $200 million by year-end 2015...In our view, this is a strong "initial step" for PetSmart's business."STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.
Additionally, PetSmart announced its 2014 third quarter earnings results after the market close on Wednesday.
The company's non-GAAP adjusted net income increased by 10.8% to $102.2 million, over the prior year's third quarter. On a per share basis, adjusted income grew by 15.9% to $1.02 per diluted share, compared to the 2013 third quarter.
Net sales for the 2014 third quarter were higher by 2.6% to $1.7 billion, compared to the same period last year
Separately, TheStreet Ratings team rates PETSMART INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:
"We rate PETSMART INC (PETM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels, growth in earnings per share, largely solid financial position with reasonable debt levels by most measures and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."