Wayfair stock, Wayfair stock news, W stock, W stock news

MoffettNathanson upgraded W to “market perform” from “outperform”

MoffettNathanson upgraded Wayfair Inc (NYSE:W) earlier today to “market perform” from “underperform,” while also raising its price target to $44 from $33. The firm sees the online home retailer benefitting from Bed Bath & Beyond’s (BBBY) bankruptcy and expects its revenue to grow in mid-single-digit range. In response, Wayfair stock was last seen up 0.8% at $57.51. 

W is looking to wrap up the week with its sixth consecutive weekly gain. The rally also pushed the equity above its 320-day moving average last week, marking its first close above the trendline since September 2021. Year-to-date, Wayfair stock is up 74.9%. 

There is still plenty of room for optimism among analysts, which could provide future tailwinds. Of the 24 analysts in coverage, 15 carry a “hold” or worse rating, while the 12-month consensus price target of $49.55 sits at a 14.2% discount to current levels. 

It’s also worth noting that short interest represents 30.5% of the stock’s available float. It would take nearly five days for shorts to cover their bets, at W’s average pace of trading. 



Image and article originally from www.schaeffersresearch.com. Read the original article here.