Chewy price target lowered to $18 from $22 at Citi

Citi lowered the firm’s price target on Chewy to $18 from $22 and keeps a Neutral rating on the shares. The company reported “lackluster” Q3 results, as sales and active customer count both missed the Street, the analyst tells investors in a research note. Looking forward, Chewy lowered full-year guidance, noting strong Black Friday and Cyber Monday sales were not enough to offset weakness in the business outside of this short period, says the firm. Citi says decelerating sales growth and active customer count “have not yet found a floor.”