Evercore ISI upgraded Wayfair to Outperform from In Line with a price target of $80, up from $65. The analyst sees Wayfair as a market share gainer in a “cyclically recovering” home furnishing market. The stock’s risk/reward is attractive as cost cuts have put a floor under the company’s adjusted EBITDA, which limits downside and offers attractive upside when revenues start to grow again, the analyst tells investors in a research note. The firm believes Wayfair’s “margin unlock is underappreciated by the market and provides an opportunity for a meaningful re-rating in the coming months.”
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