Raymond James double upgraded Wayfair to Strong Buy from Market Perform with a $65 price target. The upgrade is not opinion is not a call directly on the upcoming Q4 results, though expectations are getting lowered, the analyst tells investors in a research note. Rather, the firm’s more constructive stance stems from two points. After a challenging period for the U.S furniture industry following COVID, demand trends are nearing the bottom, with adjusted U.S. furniture sales likely near 2015/2016 levels in 2023, the firm writes. In addition, it believes recent cost-cutting initiatives will enable Wayfair to grow EBITDA meaningfully as demand returns. Raymond James finds the company’s medium term risk/reward setup as “very compelling.”
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