PREVIEW: Chewy dips heading into results due Wednesday
** Shares of Chewy CHWY.N down 0.6% at $25.66 in early afternoon trading on Tues as online pet products retailer slated to report qtrly results Weds before the bell
** Wall Street expects Q2 rev up 2.8% yr/yr to $2.85 bln and adj EPS of 2 cents compared to 4 cents a yr-ago, per LSEG data
** Morgan Stanley on Mon raised its PT by $2 to $30, saying it expects slight top-line beat and sees potential for rev acceleration to mid- to high-single digits as pet macro environment normalizes
** Piper Sandler last week upgraded CHWY to "overweight", citing margin expansion, efficiency gains as catalysts, adding its survey suggests continued strong interest in new pet ownership
** In prior 8 qtrs, CHWY surpassed consensus for rev 6 times and beat profit estimates 7 times - LSEG
** Avg rating among 30 analysts is "buy" and median PT is $27
** Trading in CHWY shares has been volatile this summer. Shares on Jun 27 soared 34% to 2024 intraday high of $39.10 and ended session at $29.05 after stock influencer Keith Gill, also known as "Roaring Kitty", posted on X and then days later unveiled 6.6% stake
** Including move on Tues, shares up 8.5% YTD
(Lance Tupper is a Reuters market analyst. The views expressed are his own)
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