1559 ET - After Chewy cut its guidance in June, citing consumer headwinds, the company is set up for a solid second quarter, Raymond James analysts write in a note. The guidance cut "appropriately de-risked expectations," they write. "We see CHWY's F2Q26 results coming in in-line to better than expected considering its recently lowered bar and our checks that are mostly favorable." The business should continue having sticky revenue and expanding margins, they add. Shares are down 1.6%.