Wayfair assumed with Equal Weight from Underweight at Barclays

Barclays analyst Seth Sigman upgraded Wayfair to Equal Weight from Underweight with a $70 price target, up from $34 prior, after assuming coverage of the name. The analyst notes that the company may not be set up to outperform amid the "troubled" housing retail space, though the stock has risen significantly on the back of its recent restructuring announcement. The firm adds that Wayfair’s cost saving initiatives effectively provide support for the shares, but the question is whether the company can return to higher sales growth while also delivering the profitability it targeted in the past.