Wayfair Inc Shares Higher Amid Multiple Buy Ratings

Wayfair Inc. W received Buy ratings from several firms as they initiated coverage on Monday.

Citi rated the stock a Buy with a $30 price target and noted that at “1.2x revenue, we view the valuation as attractive for this leading online retailer targeting the >$200bn home goods market with >30 percent growth but that also needs to prove out the long-term profitability targets.”

Canaccord also initiated with a Buy rating and $34 price target, Goldman Sachs initiated with a Buy while Wells Fargo and Pacific Crest rated it Outperform.  

Piper Jaffray initiated an Overweight rating with a price target of $40, the most bullish of Monday’s reports.

The report from Citi concluded that “given Wayfair’s position as online category leader, we believe Wayfair is well positioned to benefit as the online home goods market grows.”

Wayfair Inc. recently traded at $26.07, up 3.62 percent.