Raymond James analyst Rick Patel lowered the firm's price target on Chewy to $25 from $30 and keeps an Outperform rating on the shares. Shares have oversold since the fiscal Q4 report, says the analyst, who attributes this to negative read-throughs on the pet space from peers and the company's own cautious tone at a recent investor conference. While the firm doesn't doubt the backdrop is difficult, it sees Chewy reporting fiscal Q1 in line with total revenue growth of 7.8% and believes the market is "being overly pessimistic," the analyst tells investors in a preview.
