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Wire

Chewy Guidance Cut Reflects Tougher Consumer Environment, UBS Says

Chewy (CHWY) Q1 results showed continued market share gains and margin expansion, but also highlighted growing pressure from a weaker consumer environment, UBS said in a note emailed Thursday."The company's model is not fully immune from the macro," UBS said, adding that Chewy appears to be prioritizing profitability over growth by reducing some lower return promotions.The company lowered its fiscal 2026 sales guidance to $13.40 billion to $13.55 billion from $13.60 billion to $13.75 billion, while maintaining its adjusted earnings before interest, taxes, depreciation, and amortization margin outlook of 6.6% to 6.8%, the firm noted.UBS said the revised forecast reflects a more cautious view of consumer spending and pet industry demand.UBS maintained its neutral rating on Chewy and cut its price target to $24 from $32.Price: $18.85, Change: $-1.13, Percent Change: -5.66%

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Wire

Chewy's Muted Growth Outlook Limits Near-Term Catalysts, RBC Says

Chewy (CHWY) faces a more muted growth outlook, with softer consumer trends and revised guidance limiting its near-term catalyst path, RBC Capital Markets said in a Thursday note.The analysts cut their Q2 2026 net sales growth estimate to 6.8% from 8.4%, in line with Chewy's revised guidance of 6% to 7%, while maintaining its adjusted earnings before interest, taxes, depreciation and amortization estimate, citing operating leverage from cost discipline and productivity gains.The investment firm also reduced its 2026 and 2027 revenue and EBITDA estimates, citing softer demand trends, pressure on premiumization, lower expected active customer growth, and modest cost headwinds from fuel and recent acquisitions.Despite the softer outlook, the firm pointed to continued margin discipline and efficiency gains, saying Chewy's operating improvements and technology investments are helping offset pressure from a weaker consumer and category environment, the report added.RBC has an outperform rating on the stock and lowered its price target to $34 from $47.Shares of Chewy were down more than 5% in Thursday trading.Price: $18.97, Change: $-1.02, Percent Change: -5.08%

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Wire

Chewy Lowers Fiscal 2026 Revenue Guidance on Weak Pet Macro, Morgan Stanley Says

Chewy (CHWY) cut its fiscal 2026 revenue guidance due to a weak pet spending backdrop and maintained its fiscal 2026 EBITDA margin guidance, while the main debate is whether the cut was "enough" for estimates to trough, Morgan Stanley said Wednesday in a note.On an organic basis, revenue guidance was cut by about 215 basis points to 5.1% to 6.3%, from 7.3% to 8.5%. Although the cut was larger than Morgan Stanley and the buyside had anticipated, the brokerage is cautiously optimistic that Chewy has reset expectations enough that further cuts can be avoided, according to the note.The investment firm said it sees material upside on a 12-month time horizon, but shares may take some time to re-rate. The fiscal 2026 guidance is a major step in the right direction, but is not completely de-risked if the macro continues to deteriorate, it added.The risk/reward remains sharply skewed and it presents a compelling entry point for long-term investors, even if the near-term remains murky, the brokerage said.The firm trimmed revenue estimates by 1% each for fiscal 2026 and 2027.Morgan Stanley kept an overweight rating on Chewy and lowered the price target to $42 from $43.Shares of Chewy were down more than 4.7% in Thursday trading.Price: $19.05, Change: $-0.93, Percent Change: -4.65%

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Wire

UBS Adjusts Chewy Price Target to $24 From $32, Maintains Neutral Rating

Chewy (CHWY) has an average rating of overweight and mean price target of $31.09, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $18.80, Change: $-1.19, Percent Change: -5.95%

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Research

MoffettNathanson Downgrades Chewy to Neutral From Buy, Adjusts Price Target to $22 From $50

Chewy (CHWY) has an average rating of overweight and mean price target of $31.91, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)

$CHWY
Sectors

Sector Update: Consumer Stocks Mixed Late Afternoon

Consumer stocks were mixed late Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) falling 2%.In corporate news, Cracker Barrel Old Country Store (CBRL) shares surged 25%. The company reported fiscal Q3 adjusted earnings late Tuesday of $0.29 per diluted share, down from $0.58 a year earlier. Analysts polled by FactSet expected a per-share loss of $0.48. Wells Fargo upgraded the company to overweight from equalweight, and lifted its price target to $50 from $35.Chewy (CHWY) lowered its full-year sales outlook on Wednesday even though the online pet store company's fiscal Q1 revenue topped market estimates. Its shares fell 2.3%.Casey's General Stores (CASY) shares jumped past 18% after the convenience store operator recorded better-than-expected fiscal Q4 results.Cava (CAVA) is well-positioned for continued same-store sales growth in the long term amid multiple drivers despite a challenging macroeconomic environment, UBS Securities said. UBS upgraded its rating on the company's stock to buy from neutral and raised its price target to $90 from $85. Cava shares climbed 5.4%.

$CASY$CAVA$CBRL$CHWY
Wire

Piper Sandler Cuts Chewy Price Target to $30 From $48, Overweight Rating Kept

Chewy (CHWY) has an average rating of overweight and mean price target of $40.10, according to analysts polled by FactSet.(covers equity, commodity and economic research from major banks and research firms in North America, Asia and Europe. Research providers may contact us here: https://www..com/contact-us)Price: $20.11, Change: $-0.29, Percent Change: -1.45%

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Sectors

Sector Update: Consumer Stocks Mixed Wednesday Afternoon

Consumer stocks were mixed Wednesday afternoon, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) rising 1.5% and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) shedding 1.7%.In corporate news, Casey's General Stores (CASY) shares jumped past 15% after the convenience store operator recorded better-than-expected fiscal Q4 results.Chewy (CHWY) lowered its full-year sales outlook on Wednesday even though the online pet store company's fiscal Q1 revenue topped market estimates. Its shares fell 1.9%.Ford Motor's (F) top aluminum supplier, Novelis, will restart its aluminum-rolling plant in upstate New York on Wednesday, nine months after a fire caused a supply shock for the auto industry, The Wall Street Journal reported, citing the plant's owner. Ford shares were down 3.9%.

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Wire

Top Midday Stories: Trump Says Iran Must 'Pay the Price'; SpaceX Gets Big Orders From Gulf Wealth Funds Ahead of IPO

All three major US stock indexes were down in late-morning trading, as investors weighed the latest inflation report as well as developments with respect to the war in Iran.President Donald Trump said Wednesday on Truth Social that Iran must now "pay the price" after taking "too long to negotiate a deal."The US seasonally adjusted consumer price index rose by 0.5% in May, as expected, following a 0.6% increase in April, according to data released Wednesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, rose by 0.2%, below the consensus estimate of 0.3% and compared with April's 0.4% rise.In company news, SpaceX has received orders for shares worth billions of dollars from Middle Eastern wealth funds ahead of its initial public offering, Bloomberg reported Wednesday, citing people familiar with the matter. Saudi Arabia's Public Investment Fund and the Kuwait Investment Authority have each placed orders for shares worth $1 billion to $5 billion, the report said, citing the people. Qatar Investment Authority is also expected to make a large commitment, the people reportedly said.Super Micro Computer (SMCI) said late Tuesday it is planning $7 billion worth of equity and equity-linked financing transactions as part of its effort to fund artificial intelligence orders related to its advanced servers. Super Micro shares were down 17.5% near noon.Amazon (AMZN) has entered into a $17.5 billion senior unsecured delayed-draw term loan facility with a group of lenders, the company said Wednesday in a regulatory filing. The facility will be available through Sept. 30 unless fully drawn before then, and any loans borrowed will mature three years after the borrowing date, the company said. Amazon shares were down 1.9%.Chewy (CHWY) reported fiscal Q1 adjusted earnings Wednesday of $0.43 per share, up from $0.35 a year earlier and and matching the consensus FactSet analyst estimate. Fiscal Q1 net sales were $3.36 billion, up from $3.12 billion a year ago and above the FactSet consensus of $3.35 billion. Chewy shares were down 0.7%.Price: $33.64, Change: $-7.00, Percent Change: -17.22%

$AMZN$CHWY$SMCI
Sectors

Sector Update: Consumer Stocks Mixed Pre-Bell Wednesday

Consumer stocks were mixed pre-bell Wednesday, with the State Street Consumer Staples Select Sector SPDR ETF (XLP) 0.6% higher and the State Street Consumer Discretionary Select Sector SPDR ETF (XLY) down 0.5%.Sea's (SE) Shopee division is eliminating hundreds of developer positions, affecting about 8% of the platform's developer workforce, Bloomberg reported, citing unnamed people familiar with the matter. Shares of Sea were down more than 2% premarket.Chewy (CHWY) stock was down more than 3% even after the company reported higher fiscal Q1 adjusted earnings and net sales.Starbucks (SBUX) is considering various options for its Japanese unit, including a potential stake sale valued at 400 billion yen to 500 billion yen ($2.49 billion to $3.12 billion), Bloomberg reported, citing unnamed people familiar with the matter. Starbucks shares were 0.6% higher pre-bell.

$CHWY$SBUX$SE$XLP$XLY
Chewy Lowers Fiscal 2026 Sales Outlook Despite First-Quarter Revenue Beat
US Markets

Chewy Lowers Fiscal 2026 Sales Outlook Despite First-Quarter Revenue Beat

Chewy (CHWY) lowered its full-year sales outlook on Wednesday even though the online pet store company's fiscal first-quarter revenue topped market estimates.Sales are now expected to come in between $13.4 billion and $13.55 billion for fiscal 2026, the company said in an earnings presentation. It previously projected sales to be in a range of $13.6 billion to $13.75 billion, while the current consensus on FactSet is for $13.65 billion.Last month, Morgan Stanley said Chewy is likely to lower the top end of its full-year sales outlook amid weakening trends in the pet store industry and increased fuel costs.Chewy shares fell 1.5% in the most recent premarket activity.The online pet store firm continues to anticipate an adjusted earnings before interest, taxes, depreciation and amortization margin of 6.6% to 6.8% for the ongoing fiscal year.For the quarter ended May 3, Chewy's sales improved 7.7% year over year to $3.36 billion, just ahead of the Street's view for $3.35 billion. Adjusted earnings rose to $0.43 a share from $0.36 in the prior-year quarter, in line with the average analyst estimate.The results came amid a "dynamic consumer backdrop," Chief Executive Sumit Singh said in a statement.Active customers inclined 3.6% to roughly 21.5 million, while net sales per active customer moved up 2.4%."Chewy continues to outperform the pet category while expanding profitability and free cash flow," according to Singh. "We remain confident in our ability to gain market share, deliver profitable growth, and create long-term shareholder value."For the ongoing three-month period, the company expects adjusted EPS of around $0.36 on a sales range of $3.3 billion to $3.33 billion, it said in the presentation. The Street is looking for non-GAAP EPS of $0.40 and sales of $3.36 billion.Last week, pet store chain Petco (WOOF) reiterated its fiscal 2026 outlook for sales to be flat to up 1.5%. In the first quarter ended May 2, the company's sales edged up 0.2% to nearly $1.5 billion.

$CHWY
Stocks Fall Pre-Bell as US-Iran Tensions Escalate; Key Inflation Data on Deck
US Markets

Stocks Fall Pre-Bell as US-Iran Tensions Escalate; Key Inflation Data on Deck

The main US stock measures were pointing lower in Wednesday's premarket activity as tensions escalate between the US and Iran, while traders await a key consumer inflation report.The S&P 500 and the Dow Jones Industrial Average declined 0.7% each before the opening bell, while the Nasdaq was off 1%. The S&P 500 and the Nasdaq finished Tuesday trading in the red, while the Dow closed higher.In a social media post early Wednesday, President Donald Trump said that the Iranian military has been "completely defeated.""They've taken too long to negotiate a deal that would have been great for them, now they will have to pay the price," Trump wrote.Iran launched strikes against several US military facilities and bases in Bahrain, Jordan and Kuwait early Wednesday, Bloomberg reported, citing Iranian media.In a Tuesday post on X, the US Central Command said its forces launched "self-defense" strikes against Iran in retaliation against Tehran for shooting down a US military helicopter.Trump said on social media that the two pilots on the helicopter were "safe and uninjured," and that the US would respond to the attack. Iran's Mehr news agency reported that several explosions were heard on Qeshm Island, in the Bandar Abbas region of southern Iran, as well as along the southern coast, according to Bloomberg News.West Texas Intermediate crude oil slipped 0.3% to $87.94 a barrel in premarket action, while Brent edged down 0.4% to $91.08."Cumulative losses have now reached 1 billion barrels and are on track to nearly double by year-end under our base case, which still assumes a narrow US-Iran deal in June and a phased reopening of the Strait of Hormuz from mid-July," Aditya Saraswat, Middle East and North Africa research director at Rystad, said in a Tuesday note.The consumer price index report for May is scheduled for an 8:30 am ET release. Official data are expected to show that consumer inflation rose 4.2% annually and 0.5% on a sequential basis, according to a Bloomberg-compiled consensus.Treasury yields were mixed before the open, with the two-year rate increasing 0.3 basis points to 4.13% while the 10-year rate retreated 0.4 basis points to 4.52%.Wednesday's economic calendar also has the weekly mortgage applications bulletin and the weekly EIA domestic petroleum inventories report.Shares of Super Micro Computer (SMCI) dropped 11% pre-bell after the company disclosed a $7 billion equity financing plan to support its artificial intelligence order backlog. Casey's General Stores (CASY) inclined 1.8% after reporting better-than-expected fiscal fourth-quarter results.Oracle (ORCL) is expected to report its latest financial results after the markets close, while Core & Main (CNM) and Chewy (CHWY) post earnings before the bell, among others.Gold decreased 2.2% to $4,194 per troy ounce, while bitcoin slipped 1% to $61,251.

Dow JonesNasdaq CompositeS&P 500$CASY$CHWY$CNM$ORCL$SMCI
Wire

Chewy Likely to Report 'Fine' Q1 Results Amid Deteriorating Category Scenario, RBC Says

Chewy (CHWY) will likely report "fine" Q1 results even though the company's management has indicated a deteriorating consumer backdrop intra-quarter, which may have contributed to a deceleration in dog adoptions, RBC Capital Markets said in a note emailed Friday.Chewy is expected to report fiscal Q1 results before the market opens on June 10.RBC said it updated Chewy's estimates to include the acquisition of veterinary care company Modern Animal, which is expected to close during Q2. For 2026 and 2027, RBC now expects net sales growth of 9.7% and 8.8%, compared with an increase of 8.5% and 8.8% previously.The investment firm added the Modern Animal acquisition is "expected to be a low-cost, minimally disruptive integration."For Q1, RBC said it expects net sales growth of 7.9% year-on-year, above the consensus estimate of 7.6% and compared with the company's guidance for an increase of 6.9% to 7.8%.RBC said it expects Chewy's management to update its top-line outlook due to the Modern Animal deal and leave EBITDA margin outlook unchanged.RBC has an outperform rating on Chewy and $47 price target.Price: $20.62, Change: $-0.21, Percent Change: -0.98%

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Wire

Chewy Seen Heading Into Q1 With Cautious Setup, Oppenheimer Says

Chewy (CHWY) is heading into fiscal Q1 results with limited EBITDA upside potential amidst softer pet category trends and a more cautious consumer commentary, Oppenheimer said in a Wednesday note.The firm said it now looks for Q1 adjusted EBITDA of $238 million, below the Street's $241 million estimate, on revenue growth of 7%, versus consensus at 7.6%.Oppenheimer said it trimmed its forecasts for the core business, excluding the Modern Animal acquisition, to reflect a more cautious stance."On the positive side, valuation metrics are now below prior trough levels. On the negative side, we still see an earnings reset, and investors have punished even beats and raises in our coverage lately," the note said.Chewy will report its Q1 earnings before markets open on June 10.Oppenheimer maintained its perform rating on Chewy.Price: $21.41, Change: $-0.06, Percent Change: -0.30%

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Wire

Chewy Faces Near-Term Pressure as Pet-Care Demand Softens, Morgan Stanley Says

Chewy (CHWY) faces near-term pressure from a weakening pet-care market and softer alternative data trends that may weigh on revenue growth, Morgan Stanley said Tuesday in a report.Rising fuel costs and lower operating leverage also may weigh on margins, though full-year profitability guidance might remain broadly unchanged, the report said.Chewy's fiscal 2026 organic revenue growth guidance of 7.3% to 8.5% may come under pressure, with alternative data pointing to growth closer to the mid-7% range, below initial expectations, Morgan Stanley said. Q1 results are due June 10.The stock's sharp drop already reflects many of the company's challenges, and investor expectations now look too pessimistic given the company's long-term prospects, the report said.Morgan Stanley lowered its price target on Chewy stock to $43 from $49 and maintained its overweight rating.Price: $21.26, Change: $+0.52, Percent Change: +2.53%

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Chewy Likely to Lower High End of Sales Guidance Amid Weakening Pet Industry Trends, Morgan Stanley Says
US Markets

Chewy Likely to Lower High End of Sales Guidance Amid Weakening Pet Industry Trends, Morgan Stanley Says

Chewy (CHWY) is likely to lower the top end of its full-year sales outlook amid weakening trends in the pet store industry and increased fuel costs, Morgan Stanley said in a client note emailed Tuesday.In March, Chewy said it expected sales to come in between $13.6 billion and $13.75 billion for fiscal 2026.Morgan Stanley believes the pet macro has deteriorated, with companies flagging softening adoption trends and greater price sensitivity among existing pet parents. The brokerage's alternative data also suggests a deceleration in revenue growth at Chewy."With the macro softer than expected, we think it's prudent for (Chewy) to lower the high end of revenue guidance, although likely reiterating the low end," Morgan Stanley said. The brokerage estimates revenue for the full year at $13.61 billion, while the current consensus on FactSet is for $13.66 billion.The online pet store company is scheduled to release its latest financial results next month.Morgan Stanley believes Chewy had assumed a "roughly flat" year-over-year macro within its full-year guidance and "that now appears to be too optimistic." The magnitude of the weak industry trends on Chewy is "mitigated" given that roughly 85% of its sales are non-discretionary, the brokerage added.High fuel costs and lower operating leverage are projected to be incremental headwinds of 30 basis points to Chewy's full-year earnings before interest, taxes, depreciation and amortization margin, according to Morgan Stanley. The company previously forecast the metric between 6.6% and 6.8% for the ongoing fiscal year.Morgan Stanley lowered its price target on Chewy to $43 from $49 with an overweight rating on the stock.

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Wire

Update: California AG Unseals Evidence of Amazon's Alleged Price Fixing

(Updates with Amazon's and Walmart's responses to requests for comment.)California Attorney General Rob Bonta on Monday publicly released evidence as part of an ongoing case against Amazon (AMZN) that he said shows the online retail giant, vendors and competing companies, like Target (TGT), Walmart (WMT), Chewy (CHWY), Best Buy (BBY) and Home Depot (HD), colluded to increase retail prices across their platforms."The evidence we've uncovered is clear as day: Amazon is working to make your life more unaffordable. The company is price fixing, colluding with vendors and other retailers to raise costs for Americans beyond what the market requires -- beyond what is fair," Bonta said in a statement."The Attorney General's motion is a transparent attempt to distract from the weakness of its case, coming more than three years after filing its complaint and based on supposedly 'new' evidence it has had for years," an Amazon spokesperson said in an emailed statement to. "Amazon is consistently identified as America's lowest-priced online retailer, and we're proud of the low prices customers find when shopping in our store. Amazon looks forward to responding in court at the appropriate time.""We do not comment on litigation in which we are not a party," a Walmart spokesperson said in an emailed statement to. "We will always work hard on behalf of our customers to keep our prices low."Target, Chewy, Best Buy and Home Depot didn't immediately reply to requests for comment from.Price: $247.75, Change: $-2.81, Percent Change: -1.12%

$AMZN$BBY$CHWY$HD$LEVI$WMT
Wire

California AG Unseals Evidence of Amazon's Alleged Price Fixing

California Attorney General Rob Bonta on Monday publicly released evidence he said shows Amazon (AMZN), vendors and competing companies, like Target (TGT), Walmart (WMT), Chewy (CHWY), Best Buy (BBY) and Home Depot (HD), colluded to increase retail prices across their platforms."The evidence we've uncovered is clear as day: Amazon is working to make your life more unaffordable. The company is price fixing, colluding with vendors and other retailers to raise costs for Americans beyond what the market requires -- beyond what is fair," Bonta said in a statement.None of the companies immediately replied to requests for comment from.Price: $247.68, Change: $-2.88, Percent Change: -1.15%

$AMZN$BBY$CHWY$HD$LEVI$WMT