Chewy price target raised to $52 from $47 at Evercore ISI

Evercore ISI analyst Mark Mahaney raised the firm’s price target on Chewy (CHWY) to $52 from $47 and keeps an Outperform rating on the shares. The firm said the price target hike comes in the weak of a “Beat & Bracket” Q1 report, with profitability trends remaining positive amid improving gross margin expansion and record-high EBITDA margins. Active customers saw a fourth consecutive quarter of positive net adds for the first time since 4Q21, the analyst tells investors in a research note, adding that Chewy remains one of the firm’s Top Small and Mid-Cap Longs.