Chewy Inc. (CHWY) PT Raised to $33 at Jefferies

Jefferies analyst Brent Thill raised the price target on Chewy Inc. (NYSE: CHWY) to $33.00 (from $27.00) while maintaining a Hold rating.

The analyst comments "We estimate CHWY is currently addressing just ~65% of average household pet consumption, holding back average customer spend. We see opportunities to bolster topline and margins by expanding/introducing offerings in pet pharmacy, veterinarian care, pet services, and private label. We estimate adding these adjacencies will allow CHWY to address 95%+ of pet spend (from ~65%) and contribute ~$2B/$1B of incremental net sales/gross profit if CHWY is able to match its ~10% share in pet food/supplies across these new verticals."

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