BUZZ-Chewy climbs after Mizuho upgrades, hikes PT by 75%

** Shares of online pet products retailer Chewy CHWY.N up 3.7% at $37.29 before the bell as Mizuho raises rating to 'outperform' from 'neutral'

** Brokerage hikes PT from $24 to $42, tied for Wall Street-high, per LSEG

** Mizuho, which calls CHWY its consumer internet 'Top Pick', says near-term concerns around co's higher advertising spend are "short-sighted", especially as pet-related spending rebounds

** Recent increase in ad spending was "opportunistic", Mizuho says, pointing to data that will result in top-line acceleration with "strong performance" over Black Friday and December, adding that "benefits should wrap into early-to-mid 2025"

** Of 31 brokerages covering CHWY, recommendation breakdown is now 19 "strong buy", 12 "hold"; median PT of $39 up from $33 on Nov 6

** In 2024, CHWY shares rose ~42%

(Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))