Chewy price target raised to $40 from $34 at Barclays

Barclays raised the firm’s price target on Chewy (CHWY) to $40 from $34 and keeps an Overweight rating on the shares. The firm thinks the company’s ads adoption is trending better and the promotional environment remains rational. Industry net adoption trends remained positive in Q3 and accelerated on a two-year basis, the analyst tells investors in a research note. Barclays sees positive mobile app trends across all key metrics for Chewy.