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Barchart
Wajeeh Khan

JPMorgan Just Downgraded Chewy Stock. Here's Why.

Chewy JPMorgan Doug Anmuth CHWY

Investors are bailing on Chewy (CHWY) shares on Sept. 11 after a senior JPMorgan analyst downgraded the online pet food and supplies retailer to “Neutral.” In his research note, Doug Anmuth reduced his price objective on CHWY to $24, although that still represents about a 20% upside from current levels.

Chewy stock has been out of favor with investors in 2026. It is currently down nearly 40% versus the start of this year.

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