Wayfair (W) PT Raised to $85 at Citi

Citi analyst Ygal Arounian raised the price target on Wayfair (NYSE: W) to $85.00 (from $73.00) while maintaining a Buy rating.

The analyst commented, "We hosted an advisor call with a top Wayfair seller partner ($100mm+ annually) and came away more confident on Wayfair’s LT competitive advantages, as well as stable macro, with potential upside from spring trends. While Mr. Roberts noting the overall macro remains challenging was not surprising, we were encouraged that it’s static here and even more positively a key Wayfair category Outdoor is seeing good demand and earlier seasonality. Longer-term, we are more confident in Wayfair’s competitive advantages which should allow for continued share gains and better growth and profitability when the macro does rebound. Pieces like CastleGate, breadth of catalog, curation capabilities, technology stack, and data advantage provide real differentiation that is not easily replicable. We continue to find the risk/reward attractive here, with material leverage available once the macro improves with an implied 18.8x ‘25 EV/EBITDA to our $85 TP."

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