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Investing.com -- JPMorgan downgraded Chewy to Neutral from Overweight in a note on Friday, citing persistent macroeconomic pressure on the online pet retailer's organic growth even as the company executes well on its own initiatives.
Analyst Doug Anmuth set a December 2027 price target of $24 for the stock, based on about seven times his 2028 adjusted EBITDA estimate of $1.2 billion.
Chewy shares fell about 9% after its results on Wednesday, against a 1% decline for the S&P 500, as organic growth stayed under pressure and discretionary and premium purchases remained soft in the second quarter.
Despite the weak category backdrop, Anmuth said Chewy continued to gain share, outpacing the broader pet market by two to three times, with healthy customer additions and retention.