Wayfair (W) PT Raised to $135 at Stephens Following 2Q
Stephens raised its price target on Wayfair (NYSE: W) to $135.00 (from $84.00) while maintaining a Overweight rating following the company's 2Q earnings report. Direct Retail Revenue increased +48.6%, exceeding the guidance range of +40%-43%, consensus of +42.6%, and represented an acceleration from the 1Q pace of +47.7%.
W reduced 2018 Op. EPS estimates from ($3.22) to ($3.88). This accounts for elevated investments in personnel above initial expectations. 2018 adjusted EBITDA estimates have been reduced from ($142.5 mil.) to ($201.1 mil.). 2019 Op. EPS estimate has been reduced from ($2.46) to ($3.48) and adj. EBITDA estimate has been reduced from ($62.7 mil.) to ($117.9 mil.).