Piper Sandler analyst Peter Keith raised the firm’s price target on Chewy to $22 from $16 and keeps a Neutral rating on the shares following a strong Q1 EBITDA beat, with raised EBITDA guidance for the year. While sales trends remain sluggish amidst depressed pet adoption trends and waning pet food price inflation, structural drivers to margin expansion are becoming more evident, Piper adds.
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