Deutsche Bank upgraded Chewy (CHWY) to Buy from Hold with a price target of $45, up from $38, post the fiscal Q2 report. The company’s growth investments in the second half of 2025 will drive earnings estimate cuts, but buy-side expectations are “now in a better place,” the analyst tells investors in a research note. The firm believes that if Chewy’s investments reinforce its market share position, the company has more levers to drive revenue growth in 2026 and beyond relative to the downside risks.
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