In the latest of several such moves in recent weeks, (NYSE: CHWY) was hit with another analyst price target cut on Thursday. This rattled investor confidence in the stock, and the market reacted by pushing its price nearly 8% lower on the second-to-last trading day of the week. By contrast, the S 500 index held up relatively well, shedding 0.6% of its value.

Unfortunately for Chewy, the price-cutting analyst is employed at ever-influential investment bank Goldman Sachs. That prognosticator, Eric Sheridan, reduced his Chewy price target to $45 per share from the preceding $50. This was the bad news; the good is that Sheridan maintained his buy recommendation on the shares.

The research note heralding the cut wasn't made public. Nevertheless, it's a blow for Chewy, as it's only the latest in a series of recent price target reductions.

Continue reading

Source Fool.com