Chewy Inc. (CHWY) PT Raised to $35 at Baird

Baird analyst Justin Kleber raised the price target on Chewy Inc. (NYSE: CHWY) to $35.00 (from $32.00) while maintaining a Outperform rating.

The analyst commented: "Stronger flow-through fueled another big beat (~30% adj-EBITDA upside). While sales merely met expectations, the sequential improvement in active customers (albeit modest) was a welcome development. With pet household formation stabilizing and CHWY-specific initiatives gaining traction, our confidence in a return to more meaningful active customer (and overall sales) growth next year is building. When combined with continued momentum around profitability/FCF, we see further room for sentiment to improve. Tactically, we prefer a buy on dips approach following today's big move."

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