Chewy price target raised to $32 from $30 at Barclays

Barclays analyst Trevor Young raised the firm’s price target on Chewy to $32 from $30 and keeps an Overweight rating on the shares. Q1 revenue and EBITDA were 1% and 43% above consensus, respectively, while Q2 revenue guidance was a “tad below” expectations and the fiscal year outlook was unchanged, the analyst tells investors in a post-earnings note, adding that improving adoption trends, “much stronger” EBITDA margin guidance and the new $500M buyback “should be well received.”