** Shares of American pet retailer Petco Health and Wellness WOOF.O rise ~10% to $5.40 premarket

** Co posted Q3 sales, profit beat after market close on Thursday

** Reported Q3 revenue of $1.51 bln, vs. analyst estimates of $1.50 bln, and adjusted loss per share of 2 cents vs. estimates of a 4 cents loss - data compiled by LSEG

** However, co expects Q4 sales and profit below Street expectations

** At least four brokerages raise PT on stock

** Brokerage Wedbush believes the Q4 outlook is appropriately conservative given the dynamic environment

** Forecasts upside as WOOF's profit-first strategy is showing signs of building margin improvement through supply chain savings and operational efficiencies; raises PT to $6 from $5.50

** Three of 13 brokerages rate the stock "buy" or higher, nine "hold" and one "sell"; with a median PT of $5

** Up to Thursday's close, stock has risen 55% YTD

(Reporting by Neil J Kanatt in Bengaluru)

((Neil.JKanatt@thomsonreuters.com;))