Chewy price target lowered to $19 from $20 at Raymond James

Raymond James analyst Rick Patel lowered the firm’s price target on Chewy to $19 from $20 and keeps an Outperform rating on the shares. The firm cites near-term concerns for the price target decrease, but maintains an Outperform rating due to the favorable risk/reward given Chewy’s low valuation, potential for long-term share gains, and the likelihood the pet category rebounds to historic mid-single digit trends over the long-term as spending normalizes, the analyst tells investors in a research note.