Chewy price target lowered to $23 from $30 at Citi

Citi lowered the firm’s price target on Chewy to $23 from $30 and keeps a Neutral rating on the shares. The analyst expects the hardlines retail group to report “lackluster” Q3 results overall. The earnings themes are likely to be sales misses, weakening demand trends as the quarter ended, cautious preliminary 2024 commentary, and tighter cost controls in place, the analyst tells investors in a research note. The firm says macro fears about a slowing consumer into 2024 are high, and negative earnings revisions are likely to remain overhang on the stocks.