Wedbush Reiterates Outperform On Wayfair Shares, $40 PT
In a research report issued today, Wedbush analyst Seth Basham reiterated an Outperform rating on Wayfair (NYSE:W) with a price target of $40.
Basham noted, “We continue to believe W trades far below fair value. We look favorably on the medium-term growth story as well near-term prospects into 3Q earnings to be reported in November. As we highlight inside, online home furnishings category sales y/y growth remains solid in the low-double-digit range and Wayfair unique site visitors increased a strong 20% from June to September, according to comScore. In addition, Wayfair is gaining consumer interest relative to peers based on Google trends data, and online competitors Overstock.com and Amazon.com reported accelerating y/y growth in 3Q.”
According to TipRanks.com, which measures analysts’ and bloggers’ success rate based on how their calls perform, analyst Seth Basham has a total average return of 10.1% and a 76.9% success rate. Basham has a -2.6% average return when recommending W, and is ranked #987 out of 3343 analysts.