Chewy Inc. (CHWY) PT Lowered to $60 at Jefferies

Jefferies analyst Stephanie Wissink lowered the price target on Chewy Inc. (NYSE: CHWY) to $60.00 (from $90.00) while maintaining a Buy rating following results.

The analyst commented, "We are conflicted as NT effects from supply limitations and customer maturation impact Q1 & FY22 view. Offsetting, rare mid-teens% sales growth atop 70%+ 2YR and launch of profit accretive value streams are intriguing, incl service marketplace, ad platform, and membership. '20-21 cohorts spending more and NSPAC pace is strong (+16%). Model & PT move down to reflect time needed to recalibrate risk reward, and reassess alt data; Q1 could mark low point."

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