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PetSmart Downgraded on Slowing Traffic Trends

PetSmart, Inc. (NASDAQ:PETM) shares are down 2 percent this morning on a downgrade from Deutsche Bank AG (USA) (NYSE:DB). The pet retailer was downgraded from hold to sell on slow traffic trends. According to Deutsche Bank, the slow traffic trends are causing PetSmart to slash prices on online merchandise, which will negatively impact gross margins. Online competition from other pet retailers is driving the continuation in traffic trends. The price target was decrease to $65 a share from $73 a share.