Piper Jaffray Recommends Buying Wayfair (W) Following 35% Three-Week Sell-Off

Piper Jaffray analyst Neely Tamminga views the 35% three-week sell-off in Wayfair (NYSE: W) as an opportunity to buy the shares.

Tamminga cited three reason: 1) the brand is working in attracting new interest and customers; 2) these customers appear to be repeating at a faster rate; and 3) "home" is likely to benefit from an increase in household formation fueled in part by an uptick in millennial employment and wages.

"We believe the stock has been suffering from a lack of new information during a period of market volatility," the analyst said. "Next week, Wayfair is scheduled to present at an industry conference on Thursday, September 10th and could aid in helping to eliminate the "information vacuum" on the stock."

The firm reiterated an Overweight rating and price target of $60

For an analyst ratings summary and ratings history on Wayfair click here. For more ratings news on Wayfair click here.

Shares of Wayfair closed at $34.91 yesterday.

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