Chewy's Loyalty Engine, $1B Pharmacy Business Have JPMorgan Staying Bullish Before Q1
1. JPMorgan maintains Overweight rating on Chewy, price target at $36. 2. Anticipated upside in Q1 net sales of $3.06B–$3.09B. 3. Chewy's strategic shift includes focus on high-margin pharmacy and ads. 4. Company's Autoship model supports revenue visibility with 80% sales from recurring customers. 5. Estimated Q1 net sales growth at 6%, driven by cost control and automation.