1 Growth Stock to Play the Exploding Pet Care Market
E-commerce pet goods specialist Chewy (NYSE: CHWY) will likely reach full-year profitability in 2021 -- three years ahead of analysts' prior projections -- according to a recent article in The Wall Street Journal. It's not often that a company speeds past forecasts by such a wide margin, but the pandemic gave Chewy a major opportunity for growth as Americans shopped online in record numbers and became even more attached to their four-legged friends while working from home.
Considering Chewy's financial outperformance, the pet care industry's accelerated growth (Morgan Stanley estimates it will hit an 8% compound annual growth rate through 2030), and the fact the company's shares ares down more than 30% from the all-time high they touched earlier this year, there is a strong case to buy this promising growth stock now. Here's how Chewy got to the top of the pet care market, and why it has what it takes to stay there.
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Source Fool.com
