Chewy price target raised to $51 from $48 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Chewy (CHWY) to $51 from $48 and keeps an Overweight rating on the shares. The firm thinks 2026 will be “thematically similar” to 2025 in the internet sector, with the market likely to reward companies demonstrating material positive ROIC from GenAI or GPU enabled technologies, while subsectors with disruption uncertainty like rideshare from AV and e-commerce, travel and smaller less proven ad platforms will likely trade in lower multiple bands, the analyst tells investors in a note on the North America Internet group.