November 17, 2020

Chewy Climbs as Jefferies Upgrade Cites Pet-Care Potential

By haziqbinarif

Online-pet-products retailer Chewy  (CHWY) – Get Report should benefit from increasing pet ownership, according to a Jefferies analyst, who upgraded the company to buy from hold.

Analyst Stephanie Wissink also nearly doubled her share-price target, to $100 from $59, after taking over coverage of the company.

Shares of the Dania Beach, Fla., company at last check were 4.3% higher at $67.67.

Wissink said in an investors’ note that she has a positive view of pet industry dynamics, particularly pet adoption by the digitally fluent. 

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