Chewy, Inc. (CHWY)

Why Chewy Stock Rallied Friday Morning

First up was Needham analyst Anna Andreeva, who named Chewy her top pick for 2023. The analyst believes that while net customer additions will remain "muted for now," the net sales per active customer, or NSPAC, metric has "ample room to head higher" in 2023 from its current run rate in the mid-teens. Wedbush analyst Seth Basham upgraded Chewy to outperform (buy) from neutral (hold), while assigning a $55 price target.