Chewy Inc. (CHWY) PT Raised to $20 at Mizuho

Mizuho analyst David Bellinger raised the price target on Chewy Inc. (NYSE: CHWY) to $20.00 (from $18.00) while maintaining a Neutral rating.

The analyst commented: "We are adjusting our revenue and EBITDA estimates for CHWY following a better Q1 performance and updated FY24E guidance. Our updated model now includes the benefits of share repurchases following a newly implemented $500M repurchase buyback and expectations for CHWY to be actively in the market during the Q2 period. We now forecast adjusted EBITDA of $484M in FY24E (vs. $448M previously), $552M in FY25E (vs. previous $525M), and $643M in FY26E (vs. $645M previously). Our price target on shares goes to $20 from $18 predicated upon 15x our FY25E adjusted EBITDA estimate (up from 13x previously)."

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