Chewy price target lowered to $40 from $46 at BofA

BofA lowered the firm’s price target on Chewy (CHWY) to $40 from $46 and keeps a Buy rating on the shares after the company reported quarterly results. Management’s 8%-9% FY growth guide was a strong beat versus lowered expectations heading into the print, and the recurring nature of the revenue base makes the firm more confident in management’s guide tot accelerating growth, the analyst tells investors in a research note. The firm added that its lower price target reflects recent market multiple compression.