Ladenburg
NEW YORK, Oct. 13 /PRNewswire/ -- Ladenburg Thalmann announced today thatit has initiated coverage of PetMed Express, Inc. (Nasdaq: PETS) with aninitial Buy rating and a price target of $14 over the next 12-15 months. Fora full text of the report please call (212) 409-2028. PetMed Express ("PetMed"), the largest pet pharmacy in the U.S., sellswell-known prescription and non-prescription medications and health careproducts for dogs, cats and horses through its internet website, catalogs and1-800 call center. The analyst, Ethel V. Hill, believes that PetMed is the market leader inthe profitable pet pharmacy segment of the growing pet supply industry.Favorable trends of increasing pet ownership and increased spending per pet,which drove 5.9% growth in 2004 in the $34 billion supply industry, areexpected to continue. "PetMed Express holds a major share of the internet/catalog pet pharmacysegment and is the only public company in the space," said Hill. "We believePetMed can leverage its market leadership and successful business model todouble its current size in four or five years -- primarily through organicgrowth." About Ladenburg Thalmann Ladenburg Thalmann Financial Services is engaged in retail andinstitutional securities brokerage, investment banking and asset managementservices through its principal operating subsidiary, Ladenburg Thalmann & Co.Inc. Founded in 1876 and a New York Stock Exchange member since 1879,Ladenburg Thalmann & Co. is a full service investment banking and brokeragefirm based in New York City, with regional offices in Boca Raton, Florida; LosAngeles, California; Palo Alto, California; Lincolnshire, Illinois andMelville, New York. Ladenburg provides various services including corporatefinance, asset management, brokerage, trading and research, principally formiddle market and emerging growth companies and high net worth individuals.For more information please visit http://www.ladenburg.com . Ladenburg Thalmann is a member of the National Association of SecuritiesDealers, CRD number 505.
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