Why Chewy Stock Soared by 6% Today

Next-generation pet supplies specialist Chewy (NYSE: CHWY) was quite the flavorful stock to own on Tuesday. While there wasn't any fresh news of consequence from the company itself, a new research note from a bullish analyst helped propel the shares higher. They closed the day up 6% in price, easily beating the 0.5% increase of the S&P 500 index.That analyst was Alexandra Steiger of white-shoe investment bank Goldman Sachs. She reiterated her buy recommendation on Chewy, and her price target of $35 per share, following a conversation with company management. That level is a robust 25% above the stock's most recent closing price. In Steiger's latest note on the company, she wrote that management believes that a recent rise in active consumer trends is due to internal initiatives combined with a better environment in the pet care sector generally.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool