Morgan Stanley lowered the firm's price target on Chewy to $50 from $51 and keeps an Overweight rating on the shares. The firm, which sees Q4 as "a set-up print looking to establish the narrative into 2026," leans slightly positive on the print, though it sees the majority of potential upside as likely to be captured through the year as Chewy proves out the improved messaging and upward estimate revisions, the analyst tells investors in a preview.
