Chewy offering new fresh dog food subscription, says Mizuho

Mizuho reports that the firm’s intra-quarter checks have identified a new fresh dog food subscription offering from Chewy (CHWY) that the firm views as likely to be in direct competition with both Freshpet (FRPT) and private company The Farmer’s Dog. The firm, which has “an initial positive view” of Chewy’s private label entrance into “one of the better growth opportunities within the pet food space,” adds that it hasn’t come across “any concrete evidence to support” investor concerns of a top-line deceleration at Chewy. The firm keeps a Neutral rating and $44 price target on Chewy shares.