Down 34% to 50% This Year, Can Chewy and Foot Locker Recover?
Sometimes stocks decline for all the wrong reasons. Wall Street can stay too focused on short-term concerns around a business or an industry, for example, while ignoring a company's bright future. Industry downturns are a regular part of the economic cycle, after all, and don't seriously threaten the long-term outlook for a company.
But shopping for deep discounts can also be risky because falling stocks aren't always due to bounce right back. So, which of these two situations better describes Foot Locker (NYSE: FL) and (NYSE: CHWY) shares, which have each declined sharply in 2023? Let's dive right in.
Foot Locker has reduced its fiscal-year outlook twice so far in 2023, giving investors plenty of reasons to consider selling the retailing stock, which is down about 50% year to date. Comparable-store sales fell by a painful 9% in the most recent quarter, and management warned about further weakness ahead as price-cutting continues to be necessary to attract shoppers into its stores.
Source Fool.com
Chewy Inc Stock
The stock is one of the favorites of our community with 37 Buy predictions and 4 Sell predictions.
With a target price of 27 € there is a slightly positive potential of 5.94% for Chewy Inc compared to the current price of 25.49 €.
