Morgan Stanley Upgrades Chewy to Overweight, Lowers Price Target to $28
Portfolio Pulse from Benzinga Newsdesk
Morgan Stanley analyst Lauren Schenk has upgraded Chewy (NYSE:CHWY) from Equal-Weight to Overweight, but lowered the price target from $31 to $28.
October 31, 2023 | 9:50 am
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Chewy has been upgraded to Overweight by Morgan Stanley, indicating a positive outlook. However, the price target has been lowered from $31 to $28.
The upgrade to Overweight suggests that Morgan Stanley believes Chewy's stock will outperform the market or its sector in the short term. This could lead to an increase in buying activity for the stock. However, the lowering of the price target may temper some of this enthusiasm, as it suggests a lower future value than previously expected.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100