Chewy rises after BoFA upgrades to 'buy'

Chewy

20/11/2024 15:59

** Pet products retailer Chewy's  CHWY.N  shares rise 4.8%
to $34.53; hit more than four-month high of $34.70 earlier in
session 
    ** BofA Global Research upgrades to "buy" from
"underperform"; raises PT to $40 from $24
    ** Says improving industry trends and Chewy's expense
discipline should lead to significant earnings growth that
Street is likely underestimating
    ** Chewy web traffic has accelerated significantly and is
supportive of share gains and possibly better than expected
customer count - brokerage
    ** Brokerage expects another strong EBITDA beat in Q3
    ** Seventeen of 31 brokerages rate stock "buy" or higher, 14
"hold"; their median PT is $33 - LSEG data
    ** Including session's move, stock up 45.9% YTD

 (Reporting by Sukriti Gupta in Bengaluru)
 ((Sukriti.Gupta@thomsonreuters.com;))