Wayfair price target raised to $120 from $95 at Truist

Truist raised the firm’s price target on Wayfair (W) to $120 from $95 and keeps a Buy rating on the shares. The firm says that stronger than expected Q3 results show that while the Home Furnishings segment is improving on the margin, Wayfair continues to outperform, gaining share on strong internal execution with improving unit economics. The Q4 guide shows that the momentum continues despite uncertain macro/fluid tariffs situation, which management has navigated well so far, adds Truist. With 21M shoppers buying across 20K suppliers, Wayfair’s marketplace model allows it to manage through changes in tariffs better than peers in the near term. Long-term, its scale and improving economics should give it a sustainable financial competitive advantage.