Market Outperform - Price 15.05 on July 14
by JMP Securities

PetMed Express will report FY1Q10 results on July 20, before the market opens. We believe upside exists to our EPS estimate of 31 cents, which is in line with consensus. We project net sales of $77 million, or 12% growth year over year, with new-order sales growth of 11.5%, to $24.7 million, and reorder-sales growth of 13%, to $52.2 million. With the pullback in PETS shares, we find valuation very attractive; shares are trading at 6.7 times our [calendar-year]'10 EV/Ebitda [enterprise value/earnings before interest, taxes, depreciation and amortization]...a discount to the peer average of 10.7 times. Our 20.50 price target implies an EV/Ebitda multiple of roughly 11 times. Market cap: $343 million.

I think people will start buying more meds online because it is cheaper. I do

From a recent Mad Money show: "No, no, no. You do not have my blessing for that business. I'm worried about Wal-Mart coming in there and taking over."

PE: 20 PEG: 1.05

Hold - Price 12.08 on Jan. 22
by Wedbush Morgan

PETS [again] generated solid new customer growth. For FY08, we are lowering revenue estimate to $188 million from $193 million, but increasing E-EPS to 79 cents from 75...PETS may benefit from consumers' seeking more affordable pet medications. Maintaining 13 target, [based on] multiple of 16 times our FY09 EPS estimate of 82 cents, in line with PETS' projected three-year earnings-growth rate. Market-cap: $313 million.

Sept. 17, 2007

BUY

P/E is 21.71, and the PEG is 1.21

Pet owners love their animals and will spend $ on them

Downgraded by Piper Jaffray from Outperform to Mkt Perform

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