Chewy price target raised to $28 from $22 at JPMorgan

JPMorgan analyst Doug Anmuth raised the firm’s price target on Chewy to $28 from $22 and keeps an Overweight rating on the shares. The company reported solid Q1 results as active customers exceeded internal expectations, higher gross margin drove EBITDA upside, and it announced a $500M share buyback, the analyst tells investors in a research note. The firm believes management’s tone was notably more upbeat than at Q4 earnings or the December 2023 investor day.