Goldman Sachs reiterated a Buy rating and $35 price target on Chewy after the firm hosted CEO Sumit Singh at the Communacopia and Technology Conference. The firm said key takeaways from the conversation were that Chewy believes recent improvements in active customer trends are mostly driven by internal initiatives; that over time, the company’s normalized growth algorithm calls for faster net sales growth supported by low single digit percentage growth in the company’s active customer file and continued NSPAC expansion; and that strategic initiatives remain in focus as Health is expected to remains an important driver of NSPAC growth.
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