Chewy’s Recent Pullback Represents an Attractive Entry Point
<p>Oppenheimer analysts started coverage on <a href='https://financialmodelingprep.com/financial-summary/CHWY'>Chewy, Inc. (NYSE:CHWY)</a> with an Outperform rating and a price target of $42. Shares fell around 70% from their all-time highs (Feb 2021), significantly underperforming S&P 500’s 4% decline.</p>
<p>The analysts believe the recent share pullback represents an attractive entry point for longer-term investors and the company’s attractive value proposition and expansion into new areas over time (healthcare and services) should result in share gains and further pet spend consolidation.</p>
<p>Furthermore, the analysts view the company’s strong balance sheet and its already being profitable in the first half of this year, even with significant ongoing investments, as a positive in the current investing and macro backdrop. </p>

NYSE:CHWY