What's Up With Chewy Stock?
Portfolio Pulse from Ryan Gustafson
Chewy Inc (NYSE:CHWY) stock has been trending higher in December despite mixed Q3 results and reduced full-year 2023 net sales guidance. The stock's rise may be attributed to economic tailwinds from the Fed's pause on interest rate hikes and positive analyst ratings. Needham's analyst upgraded the price target from $20 to $25, while Jefferies initiated coverage with a Buy rating and a $27 price target. CHWY shares closed up 7.14% at $25.07 on Thursday.
December 21, 2023 | 11:30 pm
News sentiment analysis
Sort by:
Ascending
POSITIVE IMPACT
Chewy Inc's stock is experiencing an upward trend, closing up 7.14% at $25.07, following positive analyst ratings from Needham and Jefferies, despite mixed Q3 results and lowered sales guidance for 2023.
The short-term impact on CHWY stock is positive due to recent analyst upgrades and price target increases, which can influence investor sentiment and trading activity. Despite the mixed earnings report and reduced sales guidance, the stock's performance indicates that the market is responding more to the analyst ratings and potential economic tailwinds than to the company's financials. This suggests a bullish outlook in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100