Why The Wayfair Stock Surged 26.8% (W)

By Amit Chowdhry ● Jan 24, 2023
  • The stock price of Wayfair (W) surged by 26.8% in the most recent trading session. This is why.

The stock price of Wayfair (W) surged by 26.8% in the most recent trading session.

Why: Research reports

Details: JPMorgan and BofA analysts upgraded the stock after Wayfair announced plans to drive cost efficiencies by cutting 1,750 employees.

BofA analysts upgraded Wayfair from Underperform to Buy. And they increased the price target from $30 to $65. The BofA analysts also noted that the company is running a leaner meaner house and it is outperforming the industry for the first time since the pandemic.

JPMorgan analysts upgraded the stock from Underweight to Overweight. And they increased the price target from $35 to $63. This upgrade was due to a positive shift in market share trends and the newfound commitment from management to controlling expenses.