Goldman Sachs analyst Heath Terry initiated Wayfair with a Buy rating and a price target of $145, saying the company is a leader in the online movement of household goods as it used its technology and scale to build a "destination" for furniture and home goods shopping over the past 16 years. The analyst further notes that the $300B U.S. home category is underpenetrated with just under 13% of sales online because of higher price points, risk of damage, and potentially expensive delivery, but believes that the company is successful with its merchandising, breadth and depth of suppl.

Bullish option flow detected in Wayfair with 10,218 calls trading, 1.2x expected, and implied vol increasing almost 4 points to 81.40%. May-24 60 puts and Sep-24 60 calls are the most active options, with total volume in those strikes near 3,800 contracts. The Put/Call Ratio is 0.64. Earnings are expected on May 2nd.

TD Cowen raised the firm's price target on Wayfair to $55 from $50 and keeps a Hold rating on the shares. The firm said they expect the company to report revenue and EBITDA slightly below current consensus estimates when it reports earnings.