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Deutsche Bank Downgrades Chewy Inc. (CHWY) to Hold, 'A Prolonged Puppy Pause'
March 23, 2023 5:09 AM EDTDeutsche Bank analyst Leo Horowitz downgraded Chewy Inc. (NYSE: CHWY) from Buy to Hold with a price target of $35.00 (from $41.00).
The analyst comments "Chewy delivered 4Q results that came in ahead of our more cautious outlook, with pricing being the primary upside driver across the P&L. That said, consistent with our checks, users returned to declines in the 4Q, with Chewy seeing users decline by ~120k in the quarter. Most concerning to us, the outlook for 2023... More
