Chewy's opportunity for 'significant' earnings growth earns a double-upgrade at BofA Securities

seekingalpha11-21 00:12

EllenMoran/E+ via Getty Images An acceleration in web traffic coupled with a shift to higher gross margin sales gives Chewy (NYSE:CHWY) the opportunity for "significant" earnings growth in the coming ...

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Chewy (CHWY) has demonstrated a resilience to headwinds in the ecommerce space thanks to its subscription-like model, consistent trends in the pet category, and minimal exposure to tariffs from imported merchandise from China.  “Improving industry data should lead to accelerating topline trends and strong earnings leverage for Chewy, which we think the Street is likely underestimating,” BofA analyst Curtis Nagle said in justification for the upgrade.  Improving pet adoption trends are also supportive of Chewy’s (CHWY) earning potential, as spending on pets shows that the industry can return to consistent low-single-digit to mid-single-digit growth year-over-year. Industry data also points to an increase in spending on high margin items like bedding, flea and tick medicine, along with non-essentials like dog clothes, Christmas presents, and CBD-based supplements. 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