Chewy price target raised to $39 from $38 at TD Cowen

TD Cowen raised the firm’s price target on Chewy (CHWY) to $39 from $38 and keeps a Buy rating on the shares. The firm noted 3Q results came in above consensus estimatesfor both revenue and EBITDA, driven by strong Autoship customer sales, solid GMs and operating leverage. However, Q4 guidance was mixed as revenue came in slightly ahead while implied 4Q EBITDA was slightly lower than expected.