Chewy Inc (NYSE:CHWY) stock dropped during Tuesday’s trading session, hitting a new 52-week low of roughly $19.74. The sharp intraday decline occurred on no significant new corporate news, given the pet e-commerce retailer’s recent stable financial reports.
The Nasdaq is down 0.04% while the S&P 500 has shed 0.21%.
Citigroup Slashed Price Forecast
The downward movement follows recent cautious adjustments from Wall Street. On May 12, Citigroup maintained its buy rating on Chewy but lowered its price forecast to $37.
Analysts Highlight Long-Term AI Efficiencies
Despite the negative price action, prior analyst notes focused heavily on Chewy’s operational improvements, following Chewy’s upbeat fourth-quarter report.
Guggenheim Securities analyst Steven Forbes reiterated a buy rating and a $45 price target. Forbes pointed to automated cost savings, noting,
“We see the potential for 30-40 basis points of …
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