Tails were wagging at Pets at Home Group PLC (LON:PETS) after being upgraded to 'buy' by broker Liberum for the first time in three years.
The animal care retailer is set to post interim results later this month, with Liberum expecting management’s “decisive actions” to show results after an earnings “trough” in FY20E.
READ: Pets at Home brushes up full year guidance as turnaround scampers onward
Analysts at Liberum added that the first-half numbers on 26 November “should reassure that the momentum is continuing and the recent share price dip provides a good opportunity to buy ahead of this news”.
The FTSE 250 group is rounding up its strategic overhaul, which included a scheme to buy out successful veterinary practices and sell those less profitable, as well as enhance its digital offering with a recent investment in pet walking website Tailster.com.
In August the retailer sounded an optimistic note for its full-year performance after like-for-like sales rose 9% in the first quarter thanks to a 36% surge in online sales.
The shares were up 4% to 209.8p in on Monday morning, versus Liberum's target of 240p.