Wayfair price target raised to $70 from $50 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Wayfair (W) to $70 from $50 and keeps an Overweight rating on the shares. The firm updated its estimates and price target on Wayfair to reflect a more benign tariff outlook relative to its last update, and reduced likelihood of a consumer goods-led recession in the near-term. The firm added that its new price target implies 35% upside versus the current price, noting that its risk/reward is asymmetric to the upside.