Chewy Jumps 4.3% on Outperform Upgrade, $28 Target Set
Chewy shares jumped 4.3% to $25.20 following Raymond James’ upgrade to outperform with a $28 target, reversing a six-day slide from a 52-week low of $23.06 as losses reached 24.2%. Analysts remain bullish with 72% buy ratings, a $46 target, a 7.4% short float and a put/call ratio of 2.63.
1. Raymond James Upgrade to Outperform
Raymond James boosted Chewy’s rating from market perform to outperform and set a $28 price target based on an attractive risk/reward profile after the recent selloff.
2. Recent Price Action and Technicals
Chewy shares climbed 4.3% to $25.20, reversing a six-day skid from a 52-week low of $23.06 as the stock’s year-to-date decline reached 24.2%, with an RSI of 22.7 suggesting oversold conditions.
3. Elevated Puts and Rising Short Interest
The put/call ratio stands at 2.63, the highest in a year, indicating heavy bearish options positioning, while short interest has risen to 7.4% of the available float.
4. Bullish Analyst Consensus
Despite the downturn, 72% of analysts rate Chewy as a buy, with a consensus one-year median price target of $46, underscoring continued long-term optimism.