Jefferies Reiterates Buy Rating on Chewy Inc. (CHWY)
Jefferies analyst Kaumil Gajrawala reiterated a Buy rating and $25.00 price target on Chewy Inc. (NYSE: CHWY).
The analyst comments "Good start with margin progress (Adj EBITDA 5.7%, +170bp) overshadowing soft topline dynamics (sales +3%, active customers -2%). Importantly, better profitability stems from mix, sponsored ads, and cost control vs. non-cash items; margins +55bp excl. SBC and GM benefits. Unch. F24 sales guide (+4-6%) implies muted demand trends continue, but we view better margin outlook (+40bp at midpoint) and $500m buyback authorization as positives while industry normalizes."
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Shares of Chewy Inc. closed at $16.91 yesterday.