Piper Sandler: 'Chewy Inc. (CHWY) Remains One of Our Favorite Names'

Piper Sandler analyst Anna Andreeva reiterated an Overweight rating and $48.00 price target on Chewy Inc. (NYSE: CHWY).

The analyst commented: "CHWY remains one of our favorite names. Per our survey, vets who prefer Chewy over PetMeds increased to 36% of all respondents, up 10-points y/ y, while those who prefer Chewy to Covetrus also continues to inflect at 8% (albeit off a low base of 6% last Spring). While the number of Chewy own clinics is still small (15), awareness keeps moving in the right direction, up 1-point sequentially to 53% of all vets familiar with it. Adoption of Chewy’s PracticeHub also increased to 30%, doubling since Spring ’24. There's still some noise regarding new pet formation, with 51% of vets optimistic on new pet ownership growth in ’26, contraction vs. last Fall--at the same time, Chewy has seen acceleration in net ads for 4 quarters in a row, suggesting share gains."

For an analyst ratings summary and ratings history on Chewy Inc. click here. For more ratings news on Chewy Inc. click here.

Shares of Chewy Inc. closed at $39.12 yesterday.

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