Why Chewy Stock Spiked Higher Today

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Shares of pet e-commerce company Chewy (NYSE: CHWY) spiked higher on Wednesday after an analyst raised the stock’s price target. As of 2:45 p.m. EST, Chewy stock was up 9% on this news and has now rallied a mind-blowing 450% from 52-week lows.

According to The Fly, a Credit Suisse analyst had previously assigned Chewy stock a price target of $104 per share. However, the stock’s price target was raised today to $121 per share. Considering Chewy stock traded around $104 per share at yesterday’s close, the updated price target implies 16% upside.

Image source: Getty Images.

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