Yahoo Finance
If you own a dog or a cat, you almost certainly have a Chewy box somewhere in your house.
Chewy has spent years building a loyal, subscription-driven customer base of pet owners who buy food, medicine, and supplies automatically, month after month.
But the problem right now is that even loyal pet owners are watching their budgets.
Morgan Stanley reviewed Chewy's Q2 fiscal 2026 results in a note titled Managing Through the Treat-cession, which it shared with TheStreet on Sept.
The firm cut its price target to $36 from $37 while maintaining its Overweight rating.
The stock is down 36.22% year to date and 39.96% over the past year, according toYahoo Finance.
If you have been holding Chewy for five years, you are down a massive 71.89%.Based on 17 Street analysts offering 12-month price targets for CHWY in the last three months, the average price target is $29,TheStreetnoted.
"Treat-cession" is a wry description of the tougher macro backdrop facing pet spending in 2026.
Latest News and Stories Chewy raised both its fiscal year 2026 revenue and EBITDA guidance.
But the market disagreed, selling the stock 11% in the session following the report.
Morgan Stanley's note said the sell-off was an overreaction, but only partially, because the surface-level beat masked a more complicated underlying picture.
Q2 net sales of $3.33 billion grew 7.3% year over year, as noted in Chewy'sQ2 fiscal 2026 results.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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