The Fly

Wayfair price target raised to $62 from $40 at Piper Sandler

Piper Sandler analyst Peter Keith raised the firm’s price target on Wayfair to $62 from $40 and keeps a Neutral rating on the shares. After meeting with companies in the mattress and home furnishings space, the analyst says there is a tone of cautious optimism as weak sales trends have stabilized and are trending to "less bad." The mattress space has potential to see "several seismic shifts" in 2023 with the Serta Simmons bankruptcy and a potential Temper acquisition of Mattress Firm, the analyst tells investors in a research note. Piper emerged incrementally more positive on Temper, slightly more cautious on Wayfair, and incrementally more negative on Leggett & Platt.

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