Chewy price target lowered to $48 from $50 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Chewy (CHWY) to $48 from $50 and keeps an Overweight rating on the shares. Chewy came in below buy side expectations on EBITDA for the third consecutive quarter, raising concern about margins, but the firm believes the miss was due to a lack of clarity on timing of expenses rather than a structural change, the analyst tells investors in a post-earnings note.