Chewy price target lowered to $48 from $56 at JPMorgan

JPMorgan lowered the firm’s price target on Chewy to $48 from $56 and keeps an Overweight rating on the shares. The company’s Q2 results “showed a bit of financial upside” even as active customers were down slightly quarter-over-quarter, the analyst tells investors in a research note. Chewy believes a return to active customer growth is possible in the second half of 2023, but the guide embeds a wide range of outcomes, says the firm.