Chewy price target raised to $36 from $33 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Chewy (CHWY) to $36 from $33 and keeps an Overweight rating on the shares. Pet ownership data is showing greenshoots, which bodes well for the net adds trajectory, says the analyst, who believes the company’s upcoming earnings will demonstrate momentum across the business. However, given elevated expectations, Chewy “likely needs to deliver a well-rounded beat to work tactically,” the analyst added in a preview.