Wayfair upgraded to Market Perform at MoffettNathanson after Bed Bath bankruptcy

As previously reported, MoffettNathanson upgraded Wayfair (W) to Market Perform from Underperform with a $44 price target. After analyzing recent web traffic, the firm says its work “strongly suggests” that Wayfair is seeing a material benefit from the recent bankruptcy of Bed Bath & Beyond (BBBY), the analyst tells investors. With Bed Bath out of the paid search auction, Wayfair’s declining search trends “bottomed out, almost immediately,” and uptake in search share is likely leading to faster bottom of the funnel conversion to sales, says the firm, which thinks these trends will persist “for a while.”