Wayfair price target raised to $70 from $40 at Wedbush

Wedbush raised the firm’s price target on Wayfair (W) to $70 from $40 and keeps a Neutral rating on the shares. The firm notes Wayfair reported strong Q2 results and guidance above consensus expectations. Wedbush is encouraged by Q2 results, which demonstrate management’s ability to reinvigorate growth and gain market share while delivering margin improvement towards Wayfair’s longer-term targets.