Chewy price target lowered to $44 from $46 at Wolfe Research

Wolfe Research lowered the firm’s price target on Chewy (CHWY) to $44 from $46 and keeps an Outperform rating on the shares. 2026 could be another positive year for Internet stocks, though maybe not as much outperformance as the prior three years given current, elevated multiples for some of the firm’s coverage, the analyst tells investors in a research note. The firm added that it sees opportunities for estimates upside driven by AI developments and product catalysts, a relatively healthy macro backdrop, successful capital allocation, and pockets of re-rating potential.