The Ratings Game: Chewy’s stock falls after analysts like the company, but not enough to say buy

Shares of Chewy.com Inc. fell Tuesday after a wave Wall Street analysts started research coverage of the online pet products seller, saying they like the company but recommend investors sit tight with the stock at current levels.

The stock CHWY, -3.66% , which went public less than a month ago, dropped 2.9% in morning trading. It is now 4.5% below the $34.99 closing price on its first day of trading on June 14, while the S&P 500 index SPX, -0.08% has gained 3.1% over the same time. However, the stock was still 52% above its $22 initial public offering price.

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