Wayfair initiated with a Buy at Deutsche Bank

Deutsche Bank initiated coverage of Wayfair with a Buy rating and $55 price target, suggesting 16% upside from current levels. Wayfair stands as the pure-play e-commerce market leader in a “large and generally fragmented” market, the analyst tells investors in a research note. The firm expects the company to continue to build on its share position as it drives industry-leading supply choice, delivery speeds, and price. The company’s share gains have improved recently as inventory positions normalize and Wayfair is thus able to differentiate in the market based on premium selection, price, and delivery speeds, says Deutsche.