Wayfair price target raised to $57 from $50 at Citi

Citi analyst Ygal Arounian raised the firm’s price target on Wayfair to $57 from $50 and keeps a Buy rating on the shares. Arounian views the larger-than-expected right-sizing initiatives and better-than-expected top-line trends as ahead of expectations, and tells investors in a research note to "welcome" the news, as it does more to address the main bear case, highlights the commitment to reaching free cash flow positive, and takes a step to address Wayfair’s ability to address $2.9B in convertible notes coming due in 2025-2027.