Piper Sandler analyst Peter Keith raised the price target on Wayfair (NYSE: W) to $91.00 (from $88.00) while maintaining a Overweight rating.

The analyst commented, "We reiterate our OW rating and increase our PT to $91 (17x 2025E EV/EBITDA) following better than expected Q1 results, and a Q2 guide that was above low expectations. While industry sales remain highly challenged, Wayfair is clearly gaining share, which bodes well for the company achieving a >15% sales CAGR once industry growth normalizes back to +LSD%. Also, KPI's are improving faster than expected as Active Customers are now growing y/y and AOV is nearly flat y/y. And W continues to make solid growth investments while still driving y/y margin expansion. We remain very optimistic on the margin expansion potential as furniture industry trends seem to be moving toward "less negative" and should eventually return to normal growth. For our PT we are pushing out to 2025 and reducing our multiple slightly from 20x to 17x given the out year methodology. "