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Argus Downgrades Chewy to Hold, Citing Near-Term Concerns Despite Market Share Growth
Jul 9, 2024 8:58 PM - Davit Kirakosyan(Last modified: Jul 10, 2024 2:55 AM)
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Argus analysts downgraded Chewy (NYSE:CHWY) to Hold from Buy.
The analysts noted that despite Chewy's impressive growth and market share expansion in the pet e-commerce sector, including its first earnings in 2023 and revenue tripling to $11 billion since its 2019 IPO, near-term prospects warrant caution. The company's gross margin has increased by over 800 basis points to 28.3%, and the adjusted EBITDA margin has grown by nearly 1,000 basis points, driven by a strong focus on customer service.
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