Wayfair upgraded to Market Perform from Underperform at Bernstein

Bernstein upgraded Wayfair to Market Perform from Underperform with a price target of $65, up from $60. The analyst calls the upgrade “more of a tactical call” given the company’s improving revenue growth and margin commentary. The stock has had a strong year-to-date run, but there is further upside potential over the next few quarters with room for positive EBITDA revisions, the analyst tells investors in a research note. However, the firm’s long-term outlook on the business “hasn’t changed all that much” and its base case suggests the stock “is richly valued.”