(Updated to include Wedbush's commentary).
Wedbush raised Chewy's (CHWY) price target to $45 from $39, as the company reported fiscal Q1 total revenue of $3.12 billion, above the upper end of management's guidance.
"We remain constructive on the company's longer-term opportunity, and continue to view Chewy as a category-leading online retailer with a strong record of execution and healthy FCF dynamics," analysts Scott Devitt and Matthew Weiss wrote in a Thursday note.
Moreover, while Wedbush cut the retailer's near-term estimates, the longer-term growth expectations were increased 'to reflect a more favorable outlook supported by encouraging management commentary.'
Chewy has an average rating of overweight and mean price target of $45.05, according to analysts polled by FactSet.
(MT Newswires covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www.mtnewswires.com/contact-us)
Price: 41.91, Change: +1.15, Percent Change: +2.82
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