JPMorgan analyst Doug Anmuth attributes the post-earnings pullback in shares of Chewy to tomorrow's initial public offering lockup. The analyst expects 348M shares to unlock, including 267M PetSmart shares, 79M BC Partners shares, and 2.7M management restricted stock units vested at the IPO. No new information around BC's and PetSmart's plans was learned on the earnings call, says Anmuth, who continues to expect both to sell down their Chewy stake over time. Chewy's current float is 53M shares, with unlocked shares representing 87% of the shares outstanding, Anmuth tells investors in a research note. Given that PetSmart and BC Partners are affiliates, unless a registration statement is filed their shares are subject to Rule 144 volume restrictions, or a maximum of 11M shares sold within a three-month period, adds the analyst. Anmuth keeps an Overweight rating on Chewy with a $42 price target as he believes it continues to execute well in its first year as a public company.