Chewy (CHWY) Pullback Represents an Attractive Entry Point - Oppenheimer
Get Alerts CHWY Hot Sheet
Rating Summary:
22 Buy, 10 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Join SI Premium – FREE
Oppenheimer initiated coverage of Chewy (NYSE: CHWY) with an Outperform rating and $42 price target on Friday.
Shares are now down 70% from all-time highs in February 2021, underperforming a 4% decline in the S&P 500, said analyst Rupesh Parikh.
"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," wrote Parikh.
In addition, Oppenheimer looks favorably on Chewy's offering of pet products and services.
"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," the analyst concluded.
By Sam Boughedda
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Estée Lauder (EL) climbs as BofA upgrades to Buy on profit recovery expectations
- Cintas (CTAS) PT Raised to $725 at RBC Capital
- Encompass Health Corp (EHC) PT Raised to $101 at Barclays
Create E-mail Alert Related Categories
Analyst Comments, Analyst PT Change, Hot List, New CoverageRelated Entities
Standard & Poor'sSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!