Raymond James Says Buy the Dip on Chewy Stock
Pet retailer Chewy Inc (NYSE:CHWY) was last seen up 4.3% to trade at $25.20, after an upgrade from Raymond James to "outperform" from "market perform." The firm noted an "attractive" risk/reward profile after the stock's recent selloff, setting its price target at $28.
Chewy stock hit a 52-week low of $23.06 this past Tuesday, but yesterday snapped a six-day losing streak. Since the start of 2026, the shares have already dropped 24.2%.
Puts have been much more popular than usual over the past couple weeks, per CHWY's 10-day put/call volume ratio of 2.63 at the International Securities Exchange (ISE), Cboe Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX). This ratio stands higher than all other readings from the past year, and an unwinding of some of this pessimism could provide further tailwinds.
Adding to the potential for a sentiment shift, short interest has been rising , and now makes up 7.4% of the stock's available float. Plus, CHWY's 14-day relative strength index (RSI) of 22.7 points to a potential short-term bounce.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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