Baird raised the firm’s price target on Chewy (CHWY) to $40 from $35 and keeps an Outperform rating on the shares. The firm previewed its quarter and remains comfortable with 3Q sales expectations and believe normal sequential margin seasonality suggests an upward bias to adj-EBITDA estimates. Looking forward, they expect a continued “measured” approach to guidance, but management should be able to bless Street estimates for 4Q.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
