CHWY - Why Chewy's Stock Remains Range-Bound: A Multi-Analyst Perspective On Future Growth Margin Expansion And Customer Behavior | Benzinga
Several analysts lowered the price target on Chewy Inc (NYSE: CHWY) following the company's second quarter 2023 results.
The company reported second-quarter FY23 sales growth of 14.3% year-on-year to $2.78 billion, beating the analyst consensus estimate of $2.76 billion. EPS of $0.15 beat the consensus estimate of $(0.05).
Related: Chewy Q2 Earnings Highlights: Revenue Beat, EPS Beat, Autoship Sales Shine Through
RBC Capital Markets analyst Steven Shemesh reiterated an Outperform rating and lowered the price target from $56 to $44.
While the earnings beat is encouraging, management walked back on the analyst's expectation for net add growth in 2H, citing a more price-conscious consumer, the analyst noted.
Given this development, shares are likely to remain range-bound until the investor day later this year, said the analyst.
The analyst pointed out that despite the management's assertion ...