Chewy

CHWY · NYSE

$21.53+$1.00 (+4.87%)TodayMarket closed · Oct 20, 7:44 PM ET

Prev close $20.53

CHWY analyst rating

BuyConsensus of 20 analysts over the last 12 months. 70% rate it a buy.

Strong buy0
Buy14
Hold6
Underperform0
Sell0

12-month price target · 29 analysts

Average $29.33 (+36.2% upside)

Low: $21.21
Now: $21.53
High: $37.80

Upgrades and downgrades

The latest rating actions, newest first

CHWY analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Mizuho	Sep 29, 2026	Maintains	Outperform	$32.00 → $28.00	41%
Goldman Sachs	Sep 11, 2026	Maintains	Buy	$34.00 → $30.00	33%
JP Morgan	Sep 11, 2026	Downgrade	Overweight → Neutral	$29.00 → $24.00	68%
Morgan Stanley	Sep 10, 2026	Maintains	Overweight	$37.00 → $36.00	40%
RBC Capital	Sep 10, 2026	Maintains	Outperform	$34.00 → $31.00	54%
TD Cowen	Sep 10, 2026	Maintains	Buy	$34.00 → $32.00	67%
Citizens	Sep 10, 2026	Maintains	Market Outperform	$28.00	54%
Rosenblatt	Sep 10, 2026	Maintains	Neutral	$25.00 → $24.00	62%
Baird	Sep 10, 2026	Maintains	Outperform	$30.00 → $28.00	44%
Needham	Sep 10, 2026	Maintains	Hold	—	48%

The case for and against

Updated Oct 14, 2026

Bull case

Chewy is supported by a highly recurring, sticky demand model, with Autoship now capturing 84.6% of total sales and active customers rising to 21.7MM, up 3.8% y/y for the 7th consecutive quarter. Its 2Q26 revenue of $3.33BN grew 7.3% y/y and EBITDA of $226.7MM expanded 23.7% y/y to a 6.8% margin, while management raised FY26 revenue guidance to $13.46BN-$13.57BN and the low end of EBITDA guidance to 6.7%-6.8%. The bullish case is further strengthened by share gains in a $144BN US pet market and expanding higher-margin adjacencies such as advertising, pharmacy, vet services, and Chewy+, which can deepen customer engagement and support margin expansion over time.

Bear case

Chewy is facing a weaker fundamental setup because its core pet e-commerce business is growing only modestly while management itself warns that gross margins may normalize in FY26 and could contract sequentially in 3Q before modestly expanding. Although autoship supports over 83% of sales and cash generation remains solid, 2Q organic net sales growth of 5.7% and roughly 165K organic active customer adds were only mid- to low-end results, suggesting customer acquisition and retention are becoming harder. The stock also looks vulnerable to margin and growth pressure from intensifying competition, macro-driven discretionary spending weakness, vendor concentration, and high-risk new ventures like Vet Care and advertising that have not yet scaled enough to offset a structurally slower-growth core.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.