TD Cowen lowered the firm’s price target on Chewy (CHWY) to $39 from $48 and keeps a Buy rating on the shares. The firm’s new pet industry model shows pet retail growing 4.6% annually through 2030 with Chewy “emerging as a share taker” given rising e-commerce. TD’s survey suggests Chewy purchasers are up year-over-year with positive auto-ship trends also seen in January, the analyst tells investors in a research note. However, it trimmed estimates to reflect a slightly lower outlook for the industry.
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