Barclays Reiterates Overweight Rating on Chewy Inc. (CHWY)

Barclays analyst Trevor Young reiterated an Overweight rating and $32.00 price target on Chewy Inc. (NYSE: CHWY).

The report said, "Trevor Young’s survey of shelters across the US, in conjunction with analyzing publicly available shelter data, suggests that pet household formation isn't yet turning a corner. In fact, his analysis leads him to believe that surrenders are still growing y/y at a faster rate than adoptions in C2Q24 QTD. While his analysis does not capture adoptions from breeders, which he believes contributes a meaningful portion of gross pet household formations, his optimism around pet household formations following recent data points/commentary from the company is somewhat diminished based on his findings here. Nevertheless, he remains constructive on CHWY and continues to believe that net adds will see a positive inflection at some point, but he is not yet willing to declare a positive inflection in industry trends."

For an analyst ratings summary and ratings history on Chewy Inc. click here. For more ratings news on Chewy Inc. click here.

Shares of Chewy Inc. closed at $25.47 yesterday.

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