Argus analyst upgraded Chewy Inc. (CHWY) from Hold to Buy with a price target of $30.00.
The analyst comments " We are raising our rating on Chewy Inc. (CHWY) to BUY from HOLD. Chewy, an e-commerce retailer of pet food and related products, has expanded its market share in the pet category, and believes that its focus on customer service has helped to differentiate it from competitors. Since its IPO in 2019, revenue has nearly tripled, to $10 billion, the gross margin has expanded by 800 basis points, to 28% and the adjusted EBITDA margin has expanded by nearly 1,000 basis points. The company posted earnings for the first time in FY23."
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