Many investors weren't eager to chew on shares of Chewy (NYSE: CHWY) Wednesday. Following an uninspiring new analyst note, they traded out of the pet products specialist, sending its share price down by more than 1%, against the 0.2% slump of the S&P 500 index. 

That note, an update on leading e-commerce stocks, was written by Wolfe Research analyst Deepak Mathivanan. In his research, Mathivanan generally lowered his expectations for e-commerce titles due to the latest consumer trends.

The analyst cited major factors behind his reasoning. First, he believes that due to high penetration that exceeds 20% in numerous Western markets, growth will start to slow. Second, in his view, revenue growth for e-commerce companies in 2022 was due in part to inflation, and current consensus estimates for such operators are unrealistically high.

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Source Fool.com