The firm says shares can rally 31.6% over the next year
Investors should buy shares of underperforming Chewy as the pandemic-driven consumer base matures and the company's earnings outlook improves, according to Goldman Sachs. Analyst Eric Sheridan upgraded pet supplies e-commerce stock Chewy to buy from neutral and raised his price target by $8 to $50. With this target, Sheridan thinks the stock can rally 31.6% over the next year from where it ended Friday. Shares rose 4.9% in Monday's premarket.
mountain Chewy vs. the S & P 500, year to date Sheridan said Chewy should be able to notch topline growth of at least 10% between 2023 and 2027. That's because of boosts from customers returning and rising revenue as the pandemic base matures. Chewy should also be helped strategic initiatives such as international expansion and sponsored advertisements.
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