Wayfair price target raised to $98 from $86 at Canaccord

Canaccord analyst Maria Ripps raised the firm’s price target on Wayfair to $98 from $86 and keeps a Buy rating on the shares. The firm notes Wayfair reported strong Q2 results, with active customers returning to sequential growth for the first time since Q1 2021, while revenue, gross margin, and profitability were all above expectations, and the company generated positive free cash flow for the first time since Q4 2021. Canaccord further points out that shares are “up nicely” on the strong results and continued execution, and with an Analyst Day set for next week that should provide additional color on the long-term roadmap, the firm continues to like the setup for Wayfair going forward.