Berenberg starts Wayfair with Sell rating on intensifying competition

Berenberg analyst Graham Renwick initiated coverage of Wayfair with a Sell rating and $100 price target. The online furniture retailer closed Thursday down $2.95 to $128.67. Wayfair has been a success story and "disruptive force" in home and living, however its "first-mover advantages are being eroded as competition intensifies," Renwick tells investors in a research note. Further, the analyst thinks Wayfair's product is "undifferentiated" and its pricing is "uncompetitive." The "disruptor risks being disrupted," contends Renwick.