Goldman Sachs raised the firm’s price target on Chewy (CHWY) to $52 from $44 and keeps a Buy rating on the shares. Chewy’s Q3 results exceeded expectations, supported by stronger-than-anticipated active customer growth, ongoing gross margin expansion, and disciplined investment, with management signaling that Q4 should broadly mirror Q3 trends and that 2026 will focus on pressing competitive advantages and scaling platform initiatives, the analyst tells investors in a research note. Despite near-term consumer-spending debates, the company is positioned to benefit from long-term drivers such as pet-category share gains, deeper customer wallet consolidation, and further margin expansion through Chewy+, Autoship, healthcare, advertising, and fulfillment leverage, the firm adds.
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