UPDATE: Oppenheimer Starts Chewy Inc. (CHWY) at Outperform

October 6, 2022 4:08 PM EDT
Get Alerts CHWY Hot Sheet
Price: $43.31 -3.58%

Rating Summary:
    18 Buy, 7 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 9 | Down: 13 | New: 70
Join SI Premium – FREE

Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
(Updated - October 7, 2022 7:47 AM EDT)

Oppenheimer analyst Rupesh Parikh initiates coverage on Chewy Inc. (NYSE: CHWY) with a Outperform rating and a price target of $42.00.

The analyst commented, "We are initiating coverage of Chewy with an Outperform rating and $42 PT. CHWY shares are now down 70% from all-time highs in February 2021, underperforming a 4% decline in the S&P 500. We believe the recent pullback represents an attractive entry point for longer-term players. Over time, we believe CHWY’s attractive value proposition and expansion into new areas such as healthcare and services should help the company drive share gains and further consolidate pet spend. In addition, we view a strong balance sheet and the company already being profitable in 1H22, even with significant ongoing investments, as a positive in the current investing and macro backdrop. We expect a volatile trade to continue from here and would take advantage of any potential dips."

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 $36.67 yesterday.

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories

Analyst Comments, New Coverage

Related Entities

Standard & Poor's