Chewy price target lowered to $28 from $35 at Barclays

Barclays analyst Trevor Young lowered the firm’s price target on Chewy to $28 from $35 and keeps an Equal Weight rating on the shares. The company’s Q2 results were ahead of estimates but its Q3 guide was below, and it is challenging to believe in customer inflection in the second half of the year as consumers become more discerning and with guidance implying a big step down in revenue growth, the analyst tells investors in a research note. Chewy shares may remain under pressure as investors step to the sidelines pending update to long-term outlook at the upcoming investor day, the firm adds.