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.
Chewy, Inc. ( NYSE:CHWY ) shareholders will doubtless be very grateful to see the share price up 57% in the last month...
Two growth stocks, Chewy (NYSE: CHWY) and Coty (NYSE: COTY), still have solid long-term prospects. With the pandemic forcing people to stay home, they adopted pets, helping supercharge Chewy's 2020 sales growth. While it's hard to replicate that kind of growth, Chewy continues to increase sales at a nice clip as people remain committed to caring for their pets.