Read Why Needham Is Bullish On This Pet Care Retailer

by Shivani Kumaresan, Benzinga Staff Writer

June 27, 2022 9:59 AM | 1 min read | Make a Comment

Needham analyst Anna Andreeva upgraded Chewy Inc CHWY to Buy from Hold with a price target of $55, implying a 44% upside.
The analyst said the company had exceeded expectations in Q1 FY22 after missing consensus EBITDA for four quarters.
Andreeva thinks the positive momentum continued in Q2 as the pet category was inelastic, with price increases sticking, along with improving supply chain operations and company-specific initiatives driving profitability.
The analyst noted that the headwinds from last year across the supply chain and wage/labor pressures are starting to dissipate, with sell-side estimates poised for upside.
Price Action: CHWY shares are trading lower by 0.08% at $38.13 on the last check Monday.
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