Chewy CEO Sumit Singh (C) rings the opening bell to commence the day’s trading for the Chewy Inc. IPO at the New York Stock Exchange (NYSE), June 14, 2019.
Andrew Kelly | Reuters
Here are the biggest calls on Wall Street on Tuesday:
J.P. Morgan initiated Chewy as ‘overweight’
J.P. Morgan said the pet food and products provider was “well positioned” in its new coverage of the stock.
“Chewy is well positioned as the leader in online pet, with multiple growth drivers. Chewy has ~50% share of the online pet market in the US, with top-line drivers supporting 20%+ growth through FY21 including the secular shift online, catalog expansion, Pharmacy (launched July 2018), international expansion, and a services marketplace. “
RBC downgraded 3M to ‘sector perform’ from ‘outperform’
RBC said in its downgrade that it thinks legal and macro issues will continue to “persist.”
“We are downgrading 3M from Outperform to Sector Perform as we expect the macro pressures and litigation overhang to persist….