Piper Sandler upgraded Chewy to Overweight from Neutral with a $35 price target following a transfer of analyst coverage. While the company’s sales trends are likely still muted, Chewy appears to be at profitability inflection aided by both gross margin expansion and spending leverage, the analyst tells investors in a research note. The firm says any degree of positive new pet formation trends for the category leader in pet would be constructive for the stock.
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Read More on CHWY:
- 3 Reasons to Be Bullish on Chewy (CHWY) Stock Ahead of Its Q2 Earnings
- Chewy downgraded to Market Perform from Outperform at Raymond James
- Chewy price target raised to $32 from $26 at Baird
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