Why Chewy Was a Dog of a Stock Today
Investors weren't too keen on the taste of Chewy (NYSE: CHWY) on Wednesday. The pet products specialist's share price fell by nearly 5%, a far steeper decline than the S&P 500's 1.6%, on the back of a price target cut from an analyst at an influential investment bank.
Just before market open that day, Morgan Stanley prognosticator Lauren Schenk trimmed her price target on Chewy to $31 per share, lopping $1 off the previous level of $32. She maintained her equal weight (hold, in other words) recommendation on the stock.
It wasn't immediately clear why Schenk made her move, but she's not the only analyst currently tepid on Chewy's prospects. The latest researcher to initiate coverage on the stock, Baptista Research's Ishan Majumdar, also tagged it with a hold recommendation at the end of December. Majumdar's price target is $39 per share.
Source Fool.com
