Piper Sandler analyst Peter Keith lowered the firm’s price target on Chewy to $21 from $29 and keeps a Neutral rating on the shares ahead of the December 6 Q3 earnings report and the analyst day on December 14. Sales growth at Chewy appears to have several challenges in 2024 including flat to declining pet ownership, weakness with high margin discretionary items, and disinflation in pet food, likely leading to deflation in 2024, the analyst tells investors in a research note.
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