Chewy price target raised to $37 from $34 at JMP Securities

JMP Securities raised the firm’s price target on Chewy (CHWY) to $37 from $34 and keeps an Outperform rating on the shares. Chewy reported solid Q3 results, with net sales coming in slightly above consensus, adjusted EBITDA beating expectations, and active customers increasing sequentially, driven by improvements in new customer additions, reactivated customers, and churn, the analyst tells investors in a research note. The firm views Chewy’s results favorably and views the stock move as an overreaction.