1 Growth Stock Down 84% to Buy Right Now
Just when it looked like the stock was recovering, POW! (NYSE: CHWY) shares are up-ended again. What started out as a winning month ended up turning into a loser. Chewy stock now sits 84% below its early 2021 peak, thanks to its recent 10% setback. Perhaps investors finally made a judgment call on the company's recently announced layoffs. Or maybe it was Bank of America's recent downgrade of the online pet-supply retailer due to persistently high inflation that's taking a toll on pet-related spending.
Whatever the cause, you might want to use this weakness as an entry point into a new position in Chewy stock. Although economic headwinds may be blowing right now, this won't always be the case. What likely will be the case is people's unending willingness to pamper their pets as much as possible.
It's a seemingly crowded arena. Petco, Tractor Supply's Petsense, and PetSmart are just some of the fragmented industry's biggest names. Never even mind that outfits like Walmart, Target, and Kroger are leveraging their enormous reach in an effort to win some of this business for themselves. It could be tough for a relative newcomer like Chewy to penetrate this market.
Source Fool.com
Chewy Inc Stock
The stock is one of the favorites of our community with 38 Buy predictions and 3 Sell predictions.
With a target price of 28 € there is a positive potential of 21.45% for Chewy Inc compared to the current price of 23.06 €.
