Chewy Analyst Says Stock A 'Tail-Wagging Opportunity'
Portfolio Pulse from Priya Nigam
Chewy Inc (NYSE:CHWY) shares have risen following insider stock purchases. Jefferies analyst Kaumil Gajrawala initiated coverage with a Buy rating and a $27 price target, citing growth drivers such as pet health, advertisements, and automation. Gajrawala expects Chewy to benefit from increased pet ownership, customer growth, and higher household spending on pet products. Despite potential macro pressures, Chewy is seen as resilient. At the time of publication, Chewy's stock had increased by 7.15% to $23.23.
December 19, 2023 | 5:05 pm
News sentiment analysis
Sort by:
Descending
POSITIVE IMPACT
Chewy's stock has risen due to insider buying and positive analyst coverage from Jefferies, with a Buy rating and a $27 price target. Growth is expected from pet health, ads, and automation, with Chewy poised to benefit from increased spending on pet products.
The positive analyst coverage from Jefferies, including a Buy rating and a price target above the current trading price, suggests strong confidence in Chewy's growth prospects. Insider buying often signals confidence in the company's future by those with intimate knowledge of its operations, which can positively influence investor sentiment. The stock's recent rise on this news indicates a positive short-term impact.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100