Why Stephanie Link Would Buy Chewy If It Goes Lower

The online pet products retailer Chewy Inc CHWY is a good long-term play, Stephanie Link, chief investment strategist and portfolio manager at Hightower Advisors, said Wednesday on CNBC's "Fast Money: Halftime Report."

She likes that the stock is down 12% year-to-date, but said that even at its current price, the valuation is still high. 

The company has a great long-term story, Link said, adding that if the stock pulls back further, she plans to buy it. 

Chewy last reported financial results on Mar 30. The company reported earnings of 5 cents per share and revenue of $2.04 billion.

On May 3, Guggenheim initiated coverage on Chewy with a Buy rating and $95 price target. 

Related Link: GameStop, Chewy And More: These Are The Stocks Being Added To The Dave Portnoy-Backed ETF

CHWY Price Action: Chewy traded as high as $120 and as low as $36.65 over a 52-week period. The stock lost 3.76% Wednesday, closing at $74.43. 

Image by Mat Coulton from Pixabay.