Analysts at Citigroup (C) have raised their price target on the stock of online furniture retailer Wayfair (W) by 190%.
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Citigroup has revised its 12-month price target for W stock to $93 from $32 previously, an increase of nearly 200%. Analysts at Citigroup also upgraded the shares to a Buy recommendation from Hold previously. Wayfair’s stock is currently trading right around $75 a share.
For much of this year, Citigroup had been one of the biggest skeptics on Wall Street concerning Wayfair and its prospects. Analysts at the bank had expected Wayfair’s fortunes to decline as U.S. President Donald Trump implemented his tariff regime.
From Bear to Bull
In a note to clients, Citigroup acknowledged that tariffs have not had as big an impact on Wayfair as they expected. The analysts complimented Wayfair for recently reporting strong financial results, and for operating a sound logistics business.
Based in Boston, Wayfair sells furniture and home goods online and ships them to customers. Citigroup noted that with tariff concerns receding, Wayfair could benefit from sustained growth of its premium furniture and home décor brands. W stock is up 68% on the year.
Is W Stock a Buy?
The stock of Wayfair has a consensus Moderate Buy rating among 27 Wall Street analysts. That rating is based on 17 Buy, nine Hold, and one Sell recommendations issued in the last three months. The average W price target of $69.72 implies 6% downside from current levels.
