Piper Sandler analyst Peter Keith lowered the firm's price target on Wayfair to $105 from $130 and maintains an Overweight rating on the shares. While the company's Q4 results "were uninspiring," and Q1 has seen further sales growth deceleration, there were two "notable surprise positives," Keith tells investors in a research note. First, Wayfair committed to consistent positive EBITDA in the U.S. by 2021, and second, the company expects to leverage expenses going forward at the current sales growth of ~20%, explains the analyst. Keith believes Wayfair's risk/reward looks compelling at current share levels.

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.