Chewy(US:CHWY) Schaeffers Investment Researchยท2024-10-09 15:12Core Viewpoint - Chewy Inc (NYSE:CHWY) has received a "buy" rating from Cowen with a price target of $38, indicating a nearly 30% upside from its recent closing price of $30.45, reflecting positive analyst sentiment and potential for further gains [1][2]. Group 1: Stock Performance - Chewy's stock is currently trading at $30.45, up 3.2%, and is on track for its highest close since September 19, with a year-to-date gain of 30% [1]. - The stock's 50-day moving average has provided support, particularly after a recent pullback below $28 [1]. Group 2: Analyst Sentiment - Analyst sentiment is mixed, with 13 analysts rating the stock as "buy" or "strong buy" and 11 as "hold" or "sell," suggesting potential for unwinding bearish positions following the new bullish note [2]. - The recent bullish note from Cowen may lead to further positive momentum in the stock [2]. Group 3: Options Activity - Options trading has seen increased activity, with call options trading at double the average pace, indicating heightened interest in the stock [2]. - The most popular options are the weekly 11/8 30- and 32-strike calls, with new positions being opened at the 32-strike [2]. Group 4: Volatility Assessment - The current Schaeffer's Volatility Index (SVI) for Chewy is at 50%, which is in the 6th annual percentile, suggesting that options are relatively affordable at this time [3].