Analyst Bernie McTernan of Needham maintained a Buy rating on Wayfair (W – Research Report), retaining the price target of $50.00.
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Bernie McTernan has given his Buy rating due to a combination of factors including Wayfair’s strong performance in the first quarter. The company’s adjusted EBITDA exceeded expectations by 32%, which was primarily driven by improved margins and positive topline trends.
McTernan is also anticipating further guidance from the company, particularly regarding revenue trends and consumer insights. The focus on the SOTGA guide, which contributed to the margin beat, is another key element influencing the positive outlook for Wayfair’s stock.
In another report released today, Goldman Sachs also maintained a Buy rating on the stock with a $51.00 price target.
Based on the recent corporate insider activity of 63 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of W in relation to earlier this year.