Chewy price target lowered to $19 from $21 at Piper Sandler

Piper Sandler analyst Peter Keith lowered the firm’s price target on Chewy to $19 from $21 and keeps a Neutral rating on the shares following Q4 results that were relatively inline. While the 2024 outlook on EBITDA margin was much better than expected, the revenue growth outlook remains uninspiring given the weak industry backdrop with declining pet adoptions, the firm says.