Mizuho upgraded Chewy (CHWY) to Outperform from Neutral with a price target of $42, up from $24. The firm says Chewy “checks several boxes” on its 2025 “thematic list” of automation, retail media, and secular growth. The pet category will return to steady growth and the company’s internal initiatives will further take hold, the analyst tells investors in a research note. Chewy moves to Mizuho’s top pick overall and within consumer internet. The pet category is beginning to recover into 2025 yielding a return to net active customer growth for Chewy and a subsequent sales reacceleration, contends Mizuho.
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