Bill Kerr, an analyst from TD Cowen, maintained the Buy rating on Chewy. The associated price target remains the same with $48.00.
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Bill Kerr’s rating is based on several factors that indicate positive momentum for Chewy. The latest survey data shows an increase in Chewy purchasers, with a higher percentage of pet-owning households in the U.S. buying from Chewy compared to previous quarters. This suggests a growing customer base and increased market penetration.
Additionally, the robust usage of Chewy’s Autoship service highlights customer loyalty and recurring revenue potential. The recent price increase for Chewy+ from $49 to $79 per year, coupled with management’s report of strong growth for this service, further supports the company’s revenue growth prospects. Furthermore, the acquisition of SmartPak Equine is expected to enhance Chewy’s product offerings and market reach, contributing to the overall positive outlook.
According to TipRanks, Kerr is ranked #8230 out of 10073 analysts.
In another report released on November 19, Barclays also maintained a Buy rating on the stock with a $47.00 price target.