Chewy price target lowered to $46 from $52 at Goldman Sachs

Goldman Sachs lowered the firm’s price target on Chewy (CHWY) to $46 from $52 and keeps a Buy rating on the shares. Chewy reported Q4 revenue above the high end of guidance, supported by active customer growth, Autoship penetration, and early traction in Chewy Vet Care, the analyst tells investors in a research note. Management expects 2026 free cash flow and margin expansion driven by structural leverage, ongoing AI deployment, and strategic initiatives including Chewy Made private brands, positioning the company to continue gaining share, consolidating customer wallets, and scaling long-term growth in the digitized pet market, the firm says.