Shares of Wayfair (NYSE:W) surged again in today’s session, which can be attributed to an analyst upgrade. Christopher Horvers of J.P. Morgan (NYSE:JPM) changed his rating from Sell to Buy while assigning a price target of $63 per share. For reference, his previous price target was $35.
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Horvers cited an advantaged supply chain and management’s decision to reduce spending as catalysts for upside earnings revisions which have been very negative since the pandemic tailwinds disappeared.
Overall, Wall Street analysts have a consensus price target of $51.20 on Wayfair stock, implying over 9% downside potential, as indicated by the graphic above.
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