Citizens JMP raised the firm’s price target on Chewy (CHWY) to $48 from $39 and keeps an Outperform rating on the shares. The trend of increasing pet humanization will unlock more pet spend looking ahead, the analyst tells investors in a research note. The firm sees a path to better-than-expected profitability growth with autoship creating revenue visibility and a clear path to higher margins as advertising has room to ramp.
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