Wayfair (W) PT Raised to $350 at Cowen Due to Ongoing Strength Amid Reopenings, As Well As Revenue Growth

Cowen analyst John Blackledge raised the price target on Wayfair (NYSE: W) to $350.00 (from $300.00) while maintaining an Outperform rating citing ongoing strength amid reopenings, positive EBITDA, rising gross margins and efficiencies, increased forecasts, and revenue growth driving leverage and profitability.

The analyst stated "W rev came in ahead of cons., while GM & EBITDA registered huge beats, helped by pandemic demand surge & opex efficiencies driving a profitability inflection. 3Q QTD rev +70% y/y signals ongoing strength even amid reopenings; EBITDA will again be positive given top-line, rising gross margins & efficiencies. We increased our '20-'30 forecasts, PT to $350 from $300, maintain Outperform."

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