15 Best Meme Stocks to Buy According to Analysts

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12. Chewy, Inc. (NYSE:CHWY)

Number of Hedge Fund Holders: 55

Average Upside Potential: 19.02%

Chewy, Inc. (NYSE:CHWY) is one of the best meme stocks. On July 10, JMP Securities reiterated a Market Outperform rating on CHWY and lifted the price target to $48 from $39.

The firm pointed to the large American pet spending market, which hit $152 billion in 2024, and noted that the growing trend of treating pets like family is driving future growth. Chewy has benefited from this, earning $12.1 billion in revenue over the past year with a solid gross profit margin of 29.24%.

JMP Securities added that Chewy’s autoship program helps make its revenue more predictable and also highlighted that the company could boost its profit margins by growing its advertising.

The investment firm commented that it believes Chewy could see higher profits than expected, and that its current value still looks fair when compared with JMP’s Blue Sky analysis. Furthermore, JMP Securities thinks Chewy’s analyst estimates could go up, which might push the stock price closer to their new $48 target.

Chewy, Inc. (NYSE:CHWY) is an American e-commerce store that sells pet food, supplies, medications, and other pet products.

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