Chewy price target lowered to $48 from $50 at TD Cowen

TD Cowen lowered the firm’s price target on Chewy (CHWY) to $48 from $50 and keeps a Buy rating on the shares. Chewy’s Q2 results beat consensus expectations for revenue and EBITDA slightly while generating strong gross margins, and management raised revenue guidance for the full year, the analyst tells investors in a research note. Shares declined 17% following the results, likely due to elevated buyside expectations and higher SG&A expenses in Q2, the firm says.