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HomeBusinessWayfair Earns an Upgrade at Raymond James

Wayfair Earns an Upgrade at Raymond James

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Raymond James analysts upgraded Wayfair (NYSE:W) to Strong Buy from Market Perform, setting a price target of $65 for the stock. The analysts conveyed optimism for Wayfair’s prospects in the upcoming year, suggesting a refreshed outlook for the company. This upgrade isn’t directly tied to the expectations for the fourth quarter of 2023 results, which the analysts acknowledge may have been adjusted downwards.
The upgrade is rooted in two primary observations. Firstly, after a period of challenges faced by the U.S. furniture industry post-COVID, there’s an expectation that demand trends are close to hitting their lowest point, potentially aligning with the demand levels seen in 2015/2016, adjusted for inflation. Secondly, Wayfair’s recent initiatives to cut costs are likely to significantly boost EBITDA growth as the demand starts to recover.
The analysts pointed out that while the recovery in demand for home furnishings might be uneven, the surge in demand experienced during the COVID era is almost fully accounted for, especially when sales are adjusted for inflation.

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