QS - Chewy (CHWY) Stock Pops on Wedbush Upgrade
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Chewy (NYSE:CHWY) stock is heading higher on Friday after getting an upgrade and price target increase from Wedbush.
Let’s start with that upgrade, which bumps shares of CHWY stock up from a “neutral” rating to an “outperform” rating. To put that in perspective, the analysts’ consensus for CHWY shares is “moderate buy.” This comes from 18 analyst opinions on the stock.
In addition to that, Wedbush also increased its price target for CHWY stock from $35 to $55. That represents a potential 25% upside from yesterday’s closing price. It’s also above the analysts’ consensus price target of $45.16 per share.
What’s Behind the Bullish Stance For CHWY Stock
There’s a couple of factors behind this upgrade. The first is Wedbush believing search interest for pet products has hit its bottom. This has it expecting the e-commerce sector to start recovering after a rough 2022.
To go along with that, Chewy has yet to report results for the fourth quarter of 2022. Wedbush believes the earnings report will go well for CHWY stock with more upside than downside risk for sales and margins. The firm specifically says it expects “a solid Q422” from Chewy.
CHWY stock is up 6.5% as of Friday morning. The company’s stock is also up 33.1% year-to-date.
Investors searching for all of the most recent stock market news today are in luck!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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