Chewy Inc's Shares Surge As Q1 Earnings Exceed Expectations: 4 Analysts Applaud Results - Chewy (NYSE:CHW
Shares of Chewy Inc CHWY spiked in early trading on Thursday, after the company reported upbeat revenues and earnings for its first quarter.
The report was released during the ongoing earnings season. Here are some key analyst takeaways from the earnings release.
Guggenheim Securities On Chewy
Analyst Steven Forbes maintained a Buy rating and price target of $45.
Chewy delivered an impressive first-quarter performance across the board, Forbes said in a note. Most importantly, not only did net active customers grow slightly quarter-over-quarter but management reiterated its expectation for accelerated net active customer growth during 2H 2023, he added.
When combined with the fact that management's updated 2023 outlook only partially flows through the 1Q adjusted EBITDA beat$27 million increased at the midpoint vs. ~$38 million beat relative to our expectations and also doesn't assume any improvement in hard goods sales nor any benefit from certain strategic initiatives (i.e., Sponsor Ads, CRM capabilities, and CarePlus), we see improved conviction behind our 2024 net sales & adjusted EBITDA builds, the analyst further wrote.