Why Stephanie Link Would Buy Chewy If It Goes Lower
The online pet products retailer Chewy Inc (NYSE:CHWY) is a good long-term play, Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors, said Wednesday on CNBC's "Fast Money: Halftime Report."
She likes that the stock is down 12% year-to-date, but said that even at its current price, the valuation is still high.
The company has a great long-term story, Link said, adding that if the stock pulls back further, she plans to buy it.
Chewy last reported financial results on Mar 30. The company reported earnings of 5 cents per share and revenue of $2.04 billion.
On May 3, Guggenheim initiated coverage on Chewy with a Buy rating and $95 price target.
CHWY Price Action: Chewy traded as high as $120 and as low as $36.65 over a 52-week period. The stock lost 3.76% Wednesday, closing at $74.43.
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