Chewy, Inc. (CHWY) is experiencing a notable pre-market rise as the company prepares to announce its Q3 2024 earnings before the market opens on December 4. Analysts have expressed optimism about Chewy's performance, with several recent forecast changes indicating a positive outlook. Piper Sandler, for instance, maintains an Overweight rating on the company, emphasizing its strong position in the online pet supplies market. Additionally, significant whale activity in consumer discretionary stocks, including Chewy, has drawn attention, suggesting potential market movements.
Furthermore, Chewy's stock has been buoyed by recent upgrades from major financial institutions. Both B of A Securities and Citigroup have upgraded Chewy to a Buy rating, raising their price targets for the stock. This positive sentiment is further supported by Chewy's upcoming inclusion in the S&P MidCap 400 Index, replacing Stericycle, which has generated additional investor interest.
Chewy's stock is currently priced at $35.18, reflecting a 4.64% increase from the previous close of $33.62.