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Fly News Breaks for July 19, 2019
Jul 19, 2019 | 06:09 EDT
Piper Jaffray analyst Peter Keith views the 6% pullback yesterday in shares of Wayfair as a good buying opportunity. While James Savarese and John Mulliken have contributed to the company's "remarkable growth and industry disruption," the management changeover allows Wayfair to either promote or bring in new individuals with global growth backgrounds and deepen its management bench, Keith tells investors in a research note. Further, the analyst's supplier checks suggest a "very healthy" Q2 sales print for the company. He also believes Wayfair's gross margin trends "remain strong" from pricing, logistics, and less drag from international growth. Keith reiterates an Overweight rating on Wayfair shares with a $175 price target.
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