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W

Wayfair

$77.44 /

+5.905 (+8.26%)

05:31
04/08/20
04/08
05:31
04/08/20
05:31

JPMorgan downgrades Wayfair to Underweight, calls revenue surge unsustainable

JPMorgan analyst Christopher Horvers downgraded Wayfair to Underweight from Neutral with a price target of $63, down from $66. The analyst recommends selling the shares following the recent rally. Wayfair's surge of revenue is unsustainable as competition normalizes and nesting slows on the "other side" of the COVID-19 pandemic peak, Horvers tells investors in a research note. Further, the analyst is concerned about the "pending avalanche of promotions" when non-essential stores re-open, and he has open questions on Wayfair's need to reacquire customers, especially in a slower economy. He does not expect Wayfair to reach sufficient profitability in 2021 "for it to escape the trap of being valued on price-to-sales."

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W Wayfair
$77.44 /

+5.905 (+8.26%)

04/08/20 JPMorgan
Wayfair downgraded to Underweight from Neutral at JPMorgan
04/07/20 BofA
Wayfair upgraded to Buy from Neutral at BofA
04/07/20 BofA
Wayfair upgraded to Buy from Neutral at BofA
04/06/20 Stifel
Wayfair price target raised to $75 from $70 at Stifel

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