On September 24, Chewy, Inc. fell 5.06% in regular trading, trading at $18.665/share, with turnover of $118 million. The decline reflects continued pressure from a Q2 revenue miss and a wave of analyst downgrades.

Chewy reported fiscal Q2 net sales of $3.33 billion, up from $3.10 billion a year earlier but falling short of the $3.361 billion consensus estimate. Adjusted earnings per share came in at $0.36, matching expectations and representing a 9.1% year-over-year increase. Despite the earnings-in-line print, the top-line miss triggered broad analyst reassessments. BofA Securities cut its price target to $27 from $31, while Evercore ISI downgraded the stock to In Line from Outperform and slashed its target to $25 from $33.

RBC Capital Markets noted that while Chewy continues to gain market share, category dynamics are constraining upside potential. Budget-conscious pet owners have been cutting back on discretionary items such as treats, adding further pressure. Chewy had already lowered its fiscal full-year sales guidance to $13.40–$13.55 billion from $13.60–$13.75 billion following Q1 results, reflecting a more cautious consumer spending environment.

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