Wayfair upgraded to Buy from Neutral at UBS

UBS analyst Atul Maheswari upgraded Wayfair to Buy from Neutral with a price target of $110, up from $72. The company’s low valuation multiple does not fully price in its “favorable intermediate term set-up,” the analyst tells investors in a research note. While sentiment on Wayfair shares has improved lately, the market will be surprised by the degree of profit upside the company is likely to generate in the coming periods, says the firm. It says the online retailer is “just on the cusp” of entering a multi-quarter period of sales growth and profit acceleration.