Needham analyst Rick Patel initiated coverage with a Buy rating on Chewy (CHWY) today and set a price target of $75.00. The company’s shares closed last Friday at $62.99.
According to TipRanks.com, Patel is a 3-star analyst with an average return of 5.2% and a 45.1% success rate. Patel covers the Consumer Goods sector, focusing on stocks such as Lululemon Athletica, G-III Apparel Group, and Columbia Sportswear.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Chewy with a $72.58 average price target, implying a 12.7% upside from current levels. In a report issued on November 13, Piper Sandler also initiated coverage with a Buy rating on the stock with a $90.00 price target.
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Based on Chewy’s latest earnings release for the quarter ending July 31, the company reported a quarterly revenue of $1.7 billion and GAAP net loss of $32.82 million. In comparison, last year the company earned revenue of $1.15 billion and had a GAAP net loss of $82.88 million.
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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, www.chewy.com, 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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