Analysts Just Turned Bullish on These 5 Stocks

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In this article, we discuss the 5 stocks that recently received upgrades from analysts. If you want to read our detailed analysis of these companies, go directly to Analysts Just Turned Bullish on These 10 Stocks.

5. Chewy, Inc. (NYSE:CHWY)

Number of Hedge Fund Holders: 21

Needham upgraded Chewy, Inc. (NYSE:CHWY) from “Hold” to “Buy” and issued a price target of $55 per share for the pet food retailer on Monday, June 27, 2022. The research firm referred to the better-than-expected financial performance of Chewy, Inc. (NYSE:CHWY) in its fiscal first quarter.

Needham analyst Anna Andreeva referred to the inelastic demand for Chewy products, besides price hikes and easing of supply-chain issues. The demand for pet food usually remains stable as people have to buy food for their pets even if the economic conditions are unstable.

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