Wayfair's Strong Q2 Performance and Cautious Hold Rating Amid Modest Growth ProjectionsWe raised L-T ests. PT to $68 from $52, maintain Hold. 2Q25 Revenue: 2Q25 net revenue was $3.27BN, +5.0% y/y (+6% y/y x-Germany exit), 5% above our and consensus estimates as mgmt. noted stable pricing and continued share gains despite tariff volatility. Recall mgmt. did not provide formal 2Q guidance amid tariffs and macro uncertainty. In 2Q25, U.S. net rev was $2.87BN, +5.3% y/y and 3.5% above our est., vs +1.6% y/y in 1Q25 and (2.0%) y/y in 2Q24. Int'l reported rev was +3.1% vs (10.9%) y/y in 1Q25 despite the Jan. business exit from Germany. On the call, mgmt. called out strength from their Premium brands alongside positive contribution from Wayfair Professional, which grew double digits y/y in 2Q.