Published on 23 Jan 2023 on Market Watch
Wayfair stock surges again after job cuts prompt double upgrade by longtime bear
Shares of Wayfair Inc. soared again Monday toward a five-month high, after a longtime bearish analyst swung to bullish from bearish, saying the online home furnishings seller’s job cut announcement is a sign of management’s “newfound commitment” to cutting costs.
J.P. Morgan’s Christopher Horvers double upgraded Wayfair’s stock to overweight, after being underweight since April 2020. He boosted his stock price target by 80%, to $63 from $35.