Wells double upgrades Wayfair with $100 target on ‘real’ progress

Wells Fargo analyst Zachary Fadem double upgraded Wayfair to Overweight from Underweight with a price target of $100, up from $35, following the Q2 beat. The company’s sales and EBITDA progress “is real,” says the analyst, who says Wayfair’s multi-year upward revision cycle is “just beginning.” The firm says it is time to re-recognize Wayfair as a “high growth, share-taking asset with real profit levers and upside catalysts ahead.” Near-term channel checks suggest more upside while the fiscal 2024 consensus estimates screen conservative, Wells contends.