Chewy price target raised to $28 from $25 at Wedbush

Wedbush raised the firm’s price target on Chewy to $28 from $25 and keeps an Outperform rating on the shares. The firm notes Chewy reported Q1 results that topped consensus expectations on the top- and bottom-lines. The company also guided Q2 revenue in line with consensus, while maintaining its FY24 sales outlook but increasing its FY margin outlook.