Analyst Sees Potential Upside for Wayfair Stock

Short interest is mounting for the stock as well

Deputy Editor
Sep 22, 2023 at 2:23 PM
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Bernstein upgraded Wayfair Inc (NYSE:W) to "market perform" from "underperform," with a price-target hike to $65 from $60, citing potential upside over the next few quarters and room for positive EBITDA revisions. The firm has pulled back from its earlier bounce after the bull note, however, currently down 0.2% at $60.42 at last glance. 

On the charts, the stock is currently seeing support from the $60 level, which coincides with its 100-day moving average. W has been steadily falling since its Aug. 3 52-week high of $90.71, though still remains up 84% since the start of the year. 

A bout of short covering could give the stock a boost, as short interest represents 27.5% of the stock's available float. It would take shorts five days to buy back their bearish bets, at Wayfair stock's average pace of trading. Plus, W's 14-day relative strength index (RSI) of 29.8 sits just in "oversold" territory -- typically indicative of a short-term bounce. 

 

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