Chewy price target raised to $32 from $26 at Baird

Baird raised the firm’s price target on Chewy to $32 from $26 and keeps an Outperform rating on the shares. The firm said they are not expecting an inflection in net adds this quarter, but believe active customers are troughing and can stabilize/start to grow again later this year/into FY25. When combined with building momentum around profitability and FCF, Baird thinks they are in the earlier innings of an inflection in investor sentiment.