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JPMorgan Cuts Chewy Rating to Neutral, Shares Fall 1.9%

Chewy logoChewy
Sig2.25Sen-1.75Env0.00Soc0.00Gov0.00
JPMorgan Chase logoJPMorgan Chase
Sig1.35Sen-0.85Env0.00Soc0.00Gov0.00

Chewy shares fell 1.9% in premarket trading after JPMorgan downgraded the online pet retailer to Neutral from Overweight and cut its price target to $24 from $29. JPMorgan cited pressure on organic growth amid macro conditions and weaker discretionary and premium pet category trends. The move followed Chewy’s fiscal Q2 results, including $3.33 billion revenue and $0.36 adjusted EPS.

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