Chewy falls after JPMorgan cuts rating

Chewy shares dropped 5.8% in morning trading before paring losses to trade at $20.05, down 4.5% from the previous close. The decline followed a rating downgrade by JPMorgan analyst Doug Anmuth, who lowered the stock from Overweight to Neutral.

Anmuth cut his price target for Chewy to $24.00 from $29.00. According to StreetInsider, the downgrade reflects concerns over persistent pressure on organic growth, driven by macroeconomic headwinds and shifting discretionary consumer spending.

Chewy has experienced 18 moves greater than 5% over the past year. The stock is down 40.1% since the start of the year and trades 50.4% below its 52-week high of $40.45 reached in September 2025.