Mizuho has reiterated an Outperform rating on Chewy Inc. and maintained a $50.00 price target following the company's announcement of a new chief financial officer.
Chewy promoted Chris Deppe to CFO from his role as Vice President of Finance, where he managed the company’s corporate and commercial finance activities. Deppe's resume includes more than 15 years at Amazon in roles focused on fulfillment, final mile and automation.
Mizuho analyst David Bellinger called the appointment a clear positive for the company. The endorsement arrives as Chewy shares have underperformed this year, trading down about 25% year-to-date while the S&P 500 has remained roughly flat.
Valuation metrics present a mixed picture. On fiscal 2027 consensus estimates the stock trades at a sub-10x EV/EBITDA level, yet the trailing EV/EBITDA multiple sits at 35.5x. According to InvestingPro analysis, Chewy appears undervalued at current market levels, with analyst price targets across the coverage universe ranging from $28 to $52. The company is also included among more than 1,400 U.S. equities covered by comprehensive Pro Research Reports.
Operationally, Chewy pre-announced its fourth-quarter results ahead of the formal earnings release. Mizuho noted that the next major catalyst for the stock will be the company’s initial full-year guidance and reiterated that business momentum at Chewy remains strong.
Other broker activity has added texture to the market response. Raymond James upgraded Chewy to Outperform, pointing to potential margin improvements and the stock’s current valuation as reasons for a more favorable rating. Piper Sandler kept an Overweight rating, flagging concerns about future guidance and the implications of significant ownership by BC Partners despite the stock's underperformance this year.
Separately, Chewy said its chief technology officer, Satish Mehta, plans to retire in February 2026 and that the company has begun a search for his successor. The leadership transition at the technology level adds another element investors will monitor alongside the finance leadership change.
In recent earnings-related commentary, TD Cowen raised its price target for Chewy to $48.00 after third-quarter results that modestly beat expectations. The report noted revenue and adjusted EBITDA exceeded estimates by roughly 1% and 7%, respectively, while gross margin and operating expenses were in line with the firm’s projections.
Taken together, the CFO appointment, analyst revisions and executive turnover reflect ongoing strategic and financial adjustments within Chewy. Market participants will likely focus on the company’s initial full-year guidance and how the new finance and technology leadership impact margin trajectory, capital allocation and operational execution.
Key points
- Mizuho reiterated Outperform and a $50.00 price target after Chewy named Chris Deppe as CFO; Deppe was promoted from VP of Finance and has 15+ years at Amazon in fulfillment, final mile and automation.
- Chewy shares are down about 25% year-to-date versus a roughly flat S&P 500; valuation shows a sub-10x EV/EBITDA on fiscal 2027 consensus but a trailing EV/EBITDA of 35.5x, and analyst targets range from $28 to $52.
- Near-term catalysts include Chewy’s initial full-year guidance and management transitions, including the planned February 2026 retirement of CTO Satish Mehta.
Risks and uncertainties
- Future guidance uncertainty - Piper Sandler explicitly cited concerns about what Chewy will disclose in future guidance, which could affect investor expectations and the stock’s near-term performance.
- Concentrated ownership - Significant ownership by BC Partners was highlighted as a concern, representing a potential governance or liquidity-related uncertainty.
- Leadership transitions - The retirement of the CTO in February 2026 and the recent CFO change introduce execution risk while successors are identified and integrated.
These developments touch both the consumer-facing retail and e-commerce segments as well as broader equity market dynamics, given the stock’s valuation variance and active analyst coverage.