Chewy price target raised to $24 from $19 at Raymond James

Raymond James raised the firm’s price target on Chewy to $24 from $19 and keeps an Outperform rating on the shares. Chewy’s Q1 results surprised to the upside on revenue and margins, and green shoots for Active Customers point to signs of improvements following two+ years of declines, the analyst tells investors in a research note. Guidance embeds flat to positive growth in customers in 2H24, which the firm sees as achievable, which should reinforce the narrative that Chewy can drivel long-term growth while gaining share, Raymond James says.