Chewy price target lowered to $41 from $51 at Deutsche Bank

Deutsche Bank analyst Lee Horowitz lowered the firm’s price target on Chewy to $41 from $51 and keeps a Buy rating on the shares ahead of the Q4 results on March 22. The firm’s analysis suggests that Chewy active customers declined year-over-year in the Q4, leading to revenue slightly below the low end of guidance. However, "more tepid expectations" are likely already reflected in buy-side numbers with the stock down 12% since the Q3 report, the analyst tells investors in a research note.