Shares of Chewy (NYSE: CHWY) are being sent to the doghouse today, pulling back after Oppenheimer downgraded the stock this morning and Walmart opened up its first pet services center.

As a result, the stock was down 4% as of 12:06 p.m. ET.

First, Oppenheimer analyst Rupesh Parikh lowered his rating on the stock to perform from outperform, saying he sees the challenging backdrop facing the company persisting for at least a few quarters. The pet products sector has struggled following the pet spending boom during the pandemic, with growth slowing significantly since then.

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Source Fool.com