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Why Chewy Was Such a Tasty Stock This Week

On Tuesday, Wedbush prognosticator Seth Basham upgraded his recommendation on Chewy to outperform (buy) from the previous neutral. In doing so, Basham also upped his price target on the stock to $35; it was previously $30. The analyst says that Chewy, which had lost more than 50% of its value year to date, is primed for a rebound on what he terms "relatively favorable" dynamics in the pet food market.