Chewy Stock Downgraded by JPMorgan Chase
Financial news from JPMorgan Chase has sent shockwaves through the market after analysts Margaret Hoffman and Doug Anmuth downgraded Chewy Stock (CHWY) to a Hold-equivalent neutral rating, citing continued macroeconomic pressures and muted organic growth.
The downgrade comes after Chewy's recent earnings report showed disappointing financial results. The company's stock fell 9% in a single trading session following the release of its latest earnings print.
CHWY stock has struggled in recent years with a deteriorating consumer environment, particularly for the middle class, which has affected sales and revenue growth.
The analysts' new price target on CHWY stock is $24, representing a 14% increase from current levels. They based this estimate on seven times JPMorgan's 2028 earnings estimate of $1.20 billion.