Needham Believes Chewy (CHWY) Still Has Room to Grow

In a report released today, Rick Patel from Needham assigned a Buy rating to Chewy (CHWY), with a price target of $120.00. The company’s shares closed last Friday at $108.11, close to its 52-week high of $115.27.

According to, Patel is a 4-star analyst with an average return of 20.2% and a 48.8% success rate. Patel covers the Consumer Goods sector, focusing on stocks such as Columbia Sportswear, Lululemon Athletica, and Capri Holdings.

Currently, the analyst consensus on Chewy is a Moderate Buy with an average price target of $96.55, implying a -14.6% downside from current levels. In a report issued on January 13, Credit Suisse also maintained a Buy rating on the stock with a $121.00 price target.

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Based on Chewy’s latest earnings release for the quarter ending October 31, the company reported a quarterly revenue of $1.78 billion and GAAP net loss of $32.85 million. In comparison, last year the company earned revenue of $1.23 billion and had a GAAP net loss of $79 million.

Based on the recent corporate insider activity of 71 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of CHWY in relation to earlier this year.

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Chewy, Inc. operates as a web-based, pet supplies e-tailer. The company is an online source for a wide variety of pet products, supplies and prescriptions for dogs, cats, fish, birds, small pets, horses, and reptiles. It serves its customers through its retail website,, and its mobile applications. The company was founded by Ryan Cohen and Michael Day in September 2011 and is headquartered in Dania Beach, FL.

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