Chewy price target lowered to $28 from $43 at JMP Securities

JMP Securities analyst Nicholas Jones lowered the firm’s price target on Chewy to $28 from $43 and keeps an Outperform rating on the shares. Chewy’s top line results were slightly below expectations while beating on the bottom line, and Q4 top line guidance was also lower than expected, the analyst tells investors in a research note. Chewy still outpaced the pet industry in Q3, which grew low-single digits, and management feels confident it can continue outperforming the industry, JMP says, adding that it views near-term challenges as transient.