Why Chewy Stock Soared by 6% Today
Next-generation pet supplies specialist (NYSE: CHWY) was quite the flavorful stock to own on Tuesday. While there wasn't any fresh news of consequence from the company itself, a new research note from a bullish analyst helped propel the shares higher. They closed the day up 6% in price, easily beating the 0.5% increase of the S 500 index.
That analyst was Alexandra Steiger of white-shoe investment bank Goldman Sachs. She reiterated her buy recommendation on Chewy, and her price target of $35 per share, following a conversation with company management. That level is a robust 25% above the stock's most recent closing price.
In Steiger's latest note on the company, she wrote that management believes that a recent rise in active consumer trends is due to internal initiatives combined with a better environment in the pet care sector generally.
Source Fool.com
Chewy Inc Stock
With 50 Buy predictions and not a single Sell prediction Chewy Inc is an absolute favorite of our community.
As a result the target price of 36 € shows a very positive potential of 83.96% compared to the current price of 19.57 € for Chewy Inc.
