Loop Capital upgrades Wayfair to Hold on valuation

Loop Capital upgraded Wayfair to Hold from Sell with a price target of $50, down from $60. The company’s revenue trend is shifting into growth territory in the current quarter, and while growth should bounce around given the volatile comps, the overall trend should be positive, the analyst tells investors in a research note. The firm adds however that the return of student loan repayments is a significant headwind for Wayfair in the second half, and Loop still models 2023 sales to be down about 1%, though it also believes that the downside is priced in as shares have fallen 16% month-to-date.