Wayfair upgraded to Overweight from Underweight at JPMorgan

JPMorgan analyst Christopher Horvers double upgraded Wayfair to Overweight from Underweight with a price target of $63, up from $35. The analyst sees a positive shift in the company’s market share trends and likes management’s "newfound commitment" to controlling expenses and investments. This should cause a "significant inflection in earnings revisions from steeply negative over the past two years to positive," on top of "still-attractive" valuation, the firm tells investors in a research note. The analyst still sees "significant upside" to Wayfair’s valuation despite Friday’s rally.