Jefferies analyst Kaumil Gajrawala downgraded Chewy (CHWY) to Hold from Buy with a price target of $43, up from $41. The shares are up 41% this year and trade at 24-times estimated 2026 EBITDA., which is a “valuation primed for a beat and raise,” the analyst tells investors in a research note. The firm says that while the pet macro environment looks relatively stable, and Chewy is performing well, a CFO change is underway and the shares already reflect the positives. Jefferies sees limited upside to numbers beyond the high-end of the guidance at this point, and downgrades the shares on valuation.
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