JPMorgan downgraded Chewy to Neutral, citing macroeconomic headwinds that continue to dampen organic growth in discretionary pet categories despite the company's AI-driven margin improvements.
JPMorgan downgraded Chewy to Neutral citing macroeconomic pressure on organic growth and constrained non-essential spending.
JPMorgan analyst Doug Anmuth downgraded Chewy (CHWY) to Neutral, citing persistent macroeconomic pressure on organic growth. While the firm raised its 2026 EPS forecast, it lowered the price target to $24, reflecting concerns over constrained consumer spending on discretionary pet items. Chewy shares remain down nearly 40% year-to-date as investors weigh margin expansion against a challenging retail environment.
JPMorgan downgraded the stock due to macroeconomic pressures that are negatively impacting organic growth and consumer spending on non-essential, premium pet products.