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Friday, September 25, 2020
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Culture Food Chewy, online pet store, is getting some scritches from Wall Street

Chewy, online pet store, is getting some scritches from Wall Street

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Chewy, the online pet store, is getting some love from one Wall Street firm. Analysts at UBS think shares of online pet store Chewy, which are trading just above $30, will jump to $40 in the next 12 months. They think more people will want to buy their doggy treats and other pet supplies online, which could boost revenue at Chewy. UBS also said Chewy’s fledging pet pharmacy business could help grow its sales. Americans are expected to spend more than $75 billion this year on their furry friends, up 4% from last year and up 65% from

a decade ago, according to American Pet Products Association. Since Chewy went public in June, its stock is up more than 50% from its initial public offering price of $22. Chewy, however, is unprofitable. Last year, it lost $267.9 million on revenue of $3.53 billion. Analysts, on average, expect Chewy to post another quarterly loss when it reports its fiscal first quarter results July 18. Still, UBS thinks Chewy is a “long-tailed opportunity” and gave the stock a “Buy” rating. Chewy

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