Piper Sandler lowered the firm’s price target on Chewy to $29 from $41 and keeps a Neutral rating on the shares. The company reported a modest Q2 beat but margins declined, the analyst tells investors in a research note. The firm says Chewy’s outlook for the next 12 months “seems unappealing” with modest sales growth and year-over-year EBITDA margin declines.
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