Morgan Stanley analyst Lauren Cassel said Chewy's Q3 results "highlight the consistency of the business" and she raised her 2019 EBITDA estimate by $10M following the report, adding that her unchanged 2020 and 2021 estimates are " potentially conservative" in light of this past quarter's results. While she "respects the nervousness" of investors worried about Wednesday's lock-up expiration and the "assumed impending secondary" offering they think could potential come as soon as this week, Cassel contends that such an offering, if one comes, should act as a clearing event. Following the company's report, she reiterated her Overweight rating and $30 price target on the stock, telling investors that she would view any short-term pullback as a buying opportunity.