Chewy price target raised to $20 from $18.50 at BofA

BofA analyst Curtis Nagle raised the firm’s price target on Chewy to $20 from $18.50 and keeps an Underperform rating on the shares ahead of the Q2 earnings report on August 28. The firm expects sales to slow as the macro remains challenged, but estimates active customers of 19.9M, virtually flat quarter over quarter, with commentary and web data pointing towards stabilization, the analyst tells investors in a research note. Management will likely reiterate a cautious industry outlook, the firm says.