Wells Fargo & Co Initiates Coverage on Chewy (NYSE:CHWY)

Wells Fargo & Co started coverage on shares of Chewy (NYSE:CHWY) in a research note released on Tuesday, AnalystRatings.com reports. The firm issued an outperform rating and a $40.00 price target on the stock.

“We see significant runway for continued online penetration (~15% now; 25% by ’22E).”,” Wells Fargo & Co‘s analyst wrote.

CHWY has been the subject of several other research reports. Royal Bank of Canada restated a sector perform rating and set a GBX 485 ($6.34) price objective on shares of in a research report on Tuesday. Bank of America restated a buy rating and set a $43.00 price objective (up previously from $36.00) on shares of The Medicines in a research report on Tuesday. Morgan Stanley reduced their price objective on shares of Virtus Investment Partners from $121.00 to $118.00 and set an equal weight rating for the company in a research report on Tuesday. JPMorgan Chase & Co. assumed coverage on shares of Pinduoduo in a research report on Tuesday. They set an underweight rating and a $20.48 price objective for the company. Finally, Raymond James set a C$31.00 price objective on shares of Endeavour Mining and gave the stock an outperform rating in a research report on Tuesday. Seven analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Chewy has an average rating of Hold and an average price target of $37.44.

Shares of NYSE:CHWY opened at $33.96 on Tuesday. Chewy has a twelve month low of $30.78 and a twelve month high of $41.34.

In other Chewy news, CEO Sumit Singh bought 11,000 shares of the business’s stock in a transaction dated Tuesday, June 18th. The shares were acquired at an average cost of $22.00 per share, with a total value of $242,000.00. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CFO Mario Jesus Marte bought 15,000 shares of the business’s stock in a transaction dated Tuesday, June 18th. The stock was acquired at an average cost of $22.00 per share, for a total transaction of $330,000.00. The disclosure for this purchase can be found here. Insiders have bought a total of 152,500 shares of company stock valued at $3,355,000 in the last 90 days.

About Chewy

Chewy, Inc, together with its subsidiaries, engages in the pure play e-commerce business in the United States. The company provides pet food, pet products, pet medications, and other pet health products for dogs, cats, fish, birds, small pets, horses, and reptiles through its chewy.com retail Website, as well as its mobile applications.

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Analyst Recommendations for Chewy (NYSE:CHWY)

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