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Bull of the Day

Central Garden & Pet Co. (CENT) recently posted better-than-expected second-quarter 2011 results. The quarterly earnings of $0.54 per share beat the Zacks Consensus Estimate of $0.49 and rose 10.2% from the prior-year quarter. Being the leading producer of garden and pet supplies products in the U.S. with a diversified portfolio of brands, Central Garden & Pet has developed a healthy commercial relationship with giant retailers.

This provides significant upside potential for the company. The company's effective inventory management is also helping it to optimize merchandise levels in accordance with sales trends.

The stock is trading at a discount to the peer group, based on forward earnings estimates. We have a long-term Outperform recommendation on the stock. Our target price of $11.00, 12.4X 2011 EPS, reflects this view.

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