Chewy Inc. (CHWY) PT Lowered to $31 at Jefferies

Jefferies analyst Kaumil Gajrawala lowered the price target on Chewy Inc. (NYSE: CHWY) to $31.00 (from $41.00) while maintaining a Hold rating.

The analyst comments "Chewy ends F25 with key metrics trending in the right direction. Active customers are growing (+4% y/y), and margins are expanding (90bps y/y). Autoship, Chewy+, and vet care are each proving incremental to share gains. A continuation of these trends in F26 should deliver solid, accelerating growth (above industry) and strong flow-through (EBITDA growth ~3x revenue growth). We remain positive on progress toward long‑term targets, but await a better entry point."

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