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Fly News Breaks for July 18, 2019
Jul 18, 2019 | 06:07 EDT
Deutsche Bank analyst Kunal Madhukar says shares of Wayfair were down last night after the company disclosed that its COO and the CTO were leaving the company. However, the analyst does not think the transitions signal a change in Wayfair's underlying business fundamentals. As such, the share weakness has created a buying opportunity, Madhukar tells investors in a research note. While the overall market appears to have slowed down, partly because of the tariffs, Wayfair will be among the beneficiaries as the new macro environment and intensifying competitive landscape could result in eroding profitability and accelerated store closings for the smaller traditional retailers, says Madhukar. He reiterates a Buy rating on the shares with a $175 price target.
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