Chewy Inc (CHWY) is an online retailer of pet food and other pet-related products. The company is headquartered in Dania Beach, Florida. Chewy was acquired by PetSmart in May 2017, for $3.35 billion.
WedBush Analyst, Seth Basham upgraded Chewy from Neutral to Outperform in a research note today. He lifted his price target from $30.00 —> $35.00.
Online pet industry sales could account for 25% of total sales by 2023. Basham believes this will be evident in subscription type services through online channels. This will reflect a 22% YOY growth rate over the next 5 years.
Basham, said in a statement, ”Chewy continues to show favourable customer acquisition costs and accelerating revenue per customer (New and Existing). This can be attributed to a successful expansion into the new $5 billion pharmacy pet market.”
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