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Chewy stock price forecast: Barclays sees a whopping 50% upside

By: Invezz
chewy stock price forecast barclays analyst

Chewy Inc (NYSE: CHWY) has been a disappointment for its shareholders in recent weeks but a Barclays analyst says it will come back strongly over the next twelve months.

Chewy stock has upside to $30

Trevor Young upgraded the pet food retailer to “overweight” on Thursday and said its shares could climb to $30 – up a whopping 50% from here.

The analyst sees Chewy stock as one with the highest potential for outsized returns within an otherwise challenged eCommerce space in 2024.  

We anticipate revenue growth will trough in F1H24 and reaccelerate in the back half as customer growth stabilises and Canada begins to ramp.

Last month, Chewy reported better-than-expected earnings on a per-share basis for its third financial quarter even though its revenue came in slightly shy of Street estimates.

Watch here: is trading near its IPO price

Trevor Young is convinced that the “dog days are over” for Chewy Inc.

He recommends investing in the pet products company also because “vet clinics and insurance could drive further positive revisions as those businesses scale”.

Chewy stock is currently trading close to its IPO price which makes up for a “good entry point” especially since it’s “largely insulated against competition” from the likes of Temu, the Barclays analyst concluded.

Note that $CHWY does not currently pay a dividend yield. Still, analysts at Goldman Sachs also rated it a “buy” this week. Their $36 price target suggests an even more lucrative upside of 80% from here.

The post Chewy stock price forecast: Barclays sees a whopping 50% upside appeared first on Invezz

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