Chewy price target lowered to $16.50 from $17 at BofA

BofA lowered the firm’s price target on Chewy to $16.50 from $17 and keeps an Underperform rating on the shares. Following the company’s Q4 report and guidance, the firm is raising its FY24 revenue and EBITDA forecasts by 1.3% and 14.3%, respectively, but notes that Chewy’s FY24 revenue guidance suggests little acceleration in revenue trends as the pet industry remains weak.