Needham analyst Anna Andreeva keeps her Buy rating and $55 price target on Chewy while naming the stock her 2023 Top Pick. The analyst is citing her meeting with the company management and their expectations regarding the level of gross ads as well as the lapping of 2020 and 2021 cohorts. Andreeva further states that while net ads will remain "muted for not", the net sales per active customer, or NSPAC, metric has "ample room to head higher" in 2023 after recently maintaining a mid-teens run-rate.
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Published first on TheFly
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