JPMorgan analyst Doug Anmuth raised the firm’s price target on Chewy (CHWY) to $47 from $36 and keeps an Overweight rating on the shares post the Q1 report. The company “continues to deliver across the entire user funnel,” the analyst tells investors in a research note. The firm remains bullish on Chewy’s continued execution, active customer growth, and profitability ramp. It believes the share pullback post earnings is overdone. The company’s full year guidance could prove conservative, adds JPMorgan.
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