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Chewy stock jumps higher following analyst upgrade

Yahoo Finance Live checks out Chewy shares following an upgrade by Wedbush analysts and the pet brand's expansion plans.

Video transcript

SEANA SMITH: It's time for our "Triple Play," three stocks that we're watching in the final 30 minutes of trading. We have Chewy, BuzzFeed, and Molson Coors. Let's kick it off with Chewy. Shares pushing higher today after Wedbush upgraded the stock. You're looking at gains of just about 6%. Wedbush putting a rating of outperform. That's an upgrade from neutral, saying that Chewy operates in the, quote, "resilient" pet sector and will continue to benefit from steady demand.

Now analyst Seth Basham expecting faster growth this year and has a price target of 55 bucks a share. He expects Chewy to add customers this year and sees churn, quote, "sharply moderating." Now, Chewy is looking to automate fulfillment centers to help meet that demand and control costs. The CEO telling investors in December that the company will be investing in two more centers like this, with plans to open one before the end of the year, the other in 2024. So, Jared, it's long been debated whether or not the spending on pets is recession proof or not. It certainly seems like Wedbush is making the bet that maybe it is this time around.

JARED BLIKRE: It better be. I don't want to hear any stories about pets that are being neglected. I'd be-- that would break my heart. With respect to Chewy, let's not forget, this was a Ryan Cohen founded enterprise quite a while ago. And of course, we know his name is affiliated now with GameStop and some other enterprises. Not sure if that carries over or what weight that carries over, but just something to consider there.