CHWY - 4 Chewy Analysts Express Concerns Top-Line Challenges How Pet Adoption Factors In | Benzinga
Chewy Inc (NYSE: CHWY) reported third-quarter 2023 results Thursday, sending the stock price down 2% in aftermarket trading.
- Needham analyst Anna Andreeva reiterated a Buy on the company and cut the price target from $45 to $20.
- RBC Capital analyst Steven Shemesh maintained Chewy with an Outperform and lowered the price target from $44 to $35.
- Piper Sandler analyst Peter J. Keith maintained a Neutral rating and a $21 price target.
- Morgan Stanley analyst Lauren Schenk remained Overweight with a price target of $27.
Q3 revenue of $2.74 billion, up 8.2% on a year-over-year, missed estimates of $2.76 billion.
The Q3 EPS of 15 cents beat estimates for a six-cent loss.
Per management, 24% of business that's non-auto-ship is off on forecast accuracy ($50 million) as trade-down from newer cohorts that started in July and August is continuing; at the same time, while auto-ship (76% of sales) remains a resilient aspect of the model (penetration up 300 bps, growing 5% faster than total sales year-to-date). Pharmacy is a growth driver.
After it cut 8% of ...