Chewy stock falls 6% after second downgrade in two days amid macroeconomic concerns.

Chewy's shares dropped 6% following a second analyst downgrade in two days, with JPMorgan lowering its rating to Neutral and cutting the price target to $24 due to ongoing macroeconomic pressures affecting organic growth. Despite strong company execution and market share gains, the pet retailer's stock has fallen 40% year-to-date. The sell-off is specific to Chewy, as peers Petco and Freshpet show mixed reactions, indicating the issue is company-specific rather than sector-wide. Investors will watch for Chewy CEO Sumit Singh's upcoming comments for further insight on the pet market outlook.