Chewy price target lowered to $20 from $28 at Barclays

Barclays analyst Trevor Young lowered the firm’s price target on Chewy to $20 from $28 and keeps an Equal Weight rating on the shares. The analyst sees pet industry growth normalizing and competitive pressures rising, setting the stage for slowing growth at Chewy. The firm expects more limited flow-through to EBITDA from margin expansion, and thinks the shares will continue to re-rate towards a mid-teens multiple.