Wedbush Expects Soft Customer Growth Outlook For Chewy 
<p>Wedbush analysts provided their views on <a href='https://financialmodelingprep.com/financial-summary/CHWY'>Chewy, Inc. (NYSE:CHWY)</a>. While the company may be appealing to investors in a weakening macro environment given that it primarily sells consumables, the analysts stay sidelined, reiterating their neutral rating and $35 price target, after revisiting their customer retention and spending forecasts that point to modest downside risk to the Street estimates.</p>
<p>While noting that expectations are now far more tempered following back-to-back quarterly net active customer declines, the analysts believe current consensus net adds estimates are still too high for 2023.</p>
<p>According to the analysts, customer growth has been limited by two principal factors: (1) lower retention rates from the outsized pandemic cohorts that are trending low-single-digit percentage lower than pre-pandemic cohort averages and (2) a challenging customer acquisition environment.</p>

NYSE:CHWY