Chewy price target lowered to $49 from $50 at Morgan Stanley

Morgan Stanley lowered the firm’s price target on Chewy (CHWY) to $49 from $50 and keeps an Overweight rating on the shares. After “far better than feared earnings” last week, the firm thinks the market is underestimating Chewy’s ability to outperform initial guidance, especially on EBITDA, the analyst tells investors.