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.