Credit Suisse analyst Erin Wilson Wright initiated coverage of Chewy with an Outperform rating and $29 price target. In a research note to investors, the analyst says Chewy is well positioned amid a robust pet care industry, with an expanding customer base, unique customer engagement, and considerable Autoship adoption supporting strong recurring revenue streams. She forecasts double-digit topline growth over the next several years, handily outpacing pet care expenditure growth, and says that while Chewy currently remains unprofitable, she estimates it will turn a profit in 2022.