BUZZ-Chewy rises after BoFA upgrades to 'buy'

Reuters11-20

** Pet products retailer Chewy's shares rise 4.8% to $34.53; hit more than four-month high of $34.70 earlier in session

** BofA Global Research upgrades to "buy" from "underperform"; raises PT to $40 from $24

** Says improving industry trends and Chewy's expense discipline should lead to significant earnings growth that Street is likely underestimating

** Chewy web traffic has accelerated significantly and is supportive of share gains and possibly better than expected customer count - brokerage

** Brokerage expects another strong EBITDA beat in Q3

** Seventeen of 31 brokerages rate stock "buy" or higher, 14 "hold"; their median PT is $33 - LSEG data

** Including session's move, stock up 45.9% YTD

(Reporting by Sukriti Gupta in Bengaluru)

((Sukriti.Gupta@thomsonreuters.com;))

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