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Fly News Breaks for January 27, 2020
CHWY
Jan 27, 2020 | 07:21 EDT
As previously reported, Wedbush analyst Seth Basham upgraded Chewy to Outperform from Neutral with a price target of $35, up from $30. The analyst now sees higher pet industry online sales penetration potential to about 25% by 2023 based on trends in other sectors and increasing comfort that consumers have purchasing subscription-type consumables online. That implies a five-year online pet industry sales CAGR of about 22%, and he expects Chewy to take approximately half of that growth as it becomes the dominant online pet retailer.
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