Morgan Stanley raised the firm’s price target on Chewy (CHWY) to $50 from $39 and keeps an Overweight rating on the shares, noting that Chewy missed elevated expectations in Q1 after a 38% rise intra-quarter in its share price. However, the firm came away more constructive given strong customer momentum leading to share gains and would treat the post-earnings weakness as a buying opportunity, the analyst tells investors.
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Read More on CHWY:
- Chewy price target raised to $45 from $42 at Guggenheim
- Chewy price target raised to $47 from $36 at JPMorgan
- Citi ups Chewy target, sees buying opportunity after selloff
- Chewy’s Stock: Balancing Strong Execution with Conservative Outlook and Valuation Concerns
- Chewy’s Strong Performance and Growth Potential Justify Buy Rating