BofA analyst Curtis Nagle upgraded Chewy (CHWY) to Buy from Underperform with a price target of $40, up from $24. Shelters are still taking in more pets on a net basis and year-over-year pet spending is negative, but adoption trends have steadily improved since the start of this year and pet spending appears to have bottomed, the analyst tells investors. Easier upcoming comparisons and commentary from the firm’s recent pet expert call make the firm confident that the industry can return to consistent low-to-mid single digit percentage growth, the analyst added.
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Read More on CHWY:
- Chewy upgraded to Buy from Neutral at BofA
- Chewy price target raised to $40 from $34 at Barclays
- Chewy upgraded to Buy from Neutral at Citi
- Unusually active option classes on open November 4th
- Chewy to replace Stericycle in the S&P 400 at open on 11/6
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
