These Analysts Cut Their Forecasts On Chewy After Q3 Results

Chewy, Inc. CHWY reported mixed third-quarter financial results and cut FY23 net sales guidance on Wednesday.

Chewy reported quarterly adjusted earnings of 15 cents per share which topped the analyst consensus estimate of a loss of 6 cents. The company reported quarterly sales of $2.74 billion, missing analyst expectations of $2.76 billion, according to Benzinga Pro.

The company lowered its full-year 2023 net sales forecast from between $11.15 billion and $11.35 billion to between $11.08 billion and $11.10 billion.

Chewy shares rose 5.1% to close at $19.35 on Wednesday.

These analysts made changes to their price targets on Chewy following earnings announcement.

• Barclays cut the price target on Chewy from $20 to $19. Barclays analyst Trevor Young maintained an Equal-Weight rating.
• Needham lowered the price target on Chewy from $45 to $20. Needham analyst Anna Andreeva maintained a Buy rating.

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