Chewy price target raised to $28 from $24 at Deutsche Bank

Deutsche Bank raised the firm’s price target on Chewy (CHWY) to $28 from $24 and keeps a Hold rating on the shares ahead of the Q3 report on December 4. The firm says industry data is yet to show an inflection in pet household formation. The “picture is more balanced than shares currently appreciate,” the analyst tells investors in a research note. However, Measure sales suggest nice revenue acceleration in the Q3, with Chewy’s revenue pacing towards the high end of guidance, adds Deutsche Bank.