Chewy (CHWY) Price Target Downgraded to $40 by Mizuho

Mizuho maintains an Outperform rating for Chewy Inc. (CHWY), but lowered its price target from $50 to $40 on June 3, citing high consensus expectations. The firm anticipates a shift to the lower half of the preliminary FY26 guidance range due to declining demand patterns. Barclays also lowered its price target to $40 while noting a 50% decline in stock price over the past two years. Despite long-term growth opportunities in various sectors, short-term catalysts remain unclear for Chewy's stock.