UPDATE: Baird Starts Chewy Inc. (CHWY) at Outperform
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Baird analyst Justin E. Kleber initiates coverage on Chewy Inc. (NYSE: CHWY) with a Outperform rating and a price target of $105.00.
The analyst comments "CHWY is the online leader in an attractive, defensive growth sector, with favorable customer unit economics and a large sticky base of recurring revenue. While concerns over the pace of net customer adds could linger, we believe embedded growth from existing cohort maturation is meaningful/supportive of FY21 revenue upside. Further, with several early-stage initiatives to expand TAM and drive higher customer LTV, CHWY's positive profit trajectory should persist. With the stock nearly 30% below recent highs, we like the risk/reward profile."
Shares of Chewy Inc. closed at $86.35 yesterday.
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