Chewy Inc (CHWY) Receives a New Rating from a Top Analyst

By Ryan Adsit

Wells Fargo analyst Brian Fitzgerald initiated coverage with a Buy rating on Chewy Inc (CHWYResearch Report) today and set a price target of $40. The company’s shares opened today at $33.92.

Fitzgerald commented:

“We see significant runway for continued online penetration (~15% now; 25% by ’22E).”

According to TipRanks.com, Fitzgerald is ranked #12 out of 5237 analysts.

Currently, the analyst consensus on Chewy Inc is a Moderate Buy with an average price target of $36.56, a 7.8% upside from current levels. In a report released today, UBS also initiated coverage with a Buy rating on the stock with a $42 price target.

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Based on Chewy Inc’s latest earnings release for the quarter ending January 31, the company reported a quarterly GAAP net loss of $66.34 million. In comparison, last year the company had a GAAP net loss of $59.82 million.

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Chewy, Inc. operates as a web-based, pet supplies e-tailer. The company is an online source for a wide variety of pet products, supplies and prescriptions for dogs, cats, fish, birds, small pets, horses, and reptiles. It serves its customers through its retail website, www.chewy.com, and its mobile applications.