Wayfair initiated with a Hold at Stifel

Stifel analyst Mark Kelley initiated coverage of Wayfair with a Hold rating and $51 price target. Wayfair remains one of the most dominant furniture retailers, which should “remain for the foreseeable future,” the analyst tells investors in a research note. The firm, however, is waiting for more evidence that active customers can return to a more predictable growth cadence from here. Also, average order values continue to face headwinds from a U.S. consumer base that is increasingly shifting back toward the purchase of services, and less so on goods as personal savings rates have eased substantially, contends Stifel.