Chewy Inc. (CHWY) PT Lowered to $23 at Jefferies

Jefferies analyst Kaumil Gajrawala lowered the price target on Chewy Inc. (NYSE: CHWY) to $23.00 (from $31.00) while maintaining a Hold rating.

The analyst comments "Chewy delivered balanced growth in 1Q, but the durability of these trends is now in question with premiumization slowing. Management has appropriately pared back growth aspirations, but if more value conscious behavior emerges, it will impact the degree to which Chewy is able to outperform. We remain positive on the long-term story, but await better visibility into the breadth and duration of the recent weakness."

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