By Christiana Sciaudone
Investing.com -- Wayfair (NYSE:W) jumped more than 6% with analysts showering the stock with love.
Guggenheim raised the price target on the furniture purveyor to $400 from $360, StreetInsider said. Meanwhile, DA Davidson raised its price target to $450 from $326, and Wedbush bumped its target to $345 from $330, TheStreet said. All have buy-equivalent ratings on the stock.
Wayfair, along with its fellow at-home players RH (NYSE:RH) and Home Depot (NYSE:HD), have been pandemic winners. We've been upgrading our home lives and buying new places, driving the need for better setups as we still largely remain remote. Some companies are telling workers to never return to the office.
Wayfair has soared more than 550% over the past 12 months with revenue almost doubling from the March 2020 quarter, to $4.3 billion. Sales in 2020 of $14.1 billion increased $5 billion, up 55% from the previous year. The number of active customers reached 31.2 million as of Dec. 31, an increase of almost 54% year-over-year.
On Wednesday, Oppenheimer reiterated a buy-equivalent rating on the stock after management presented a conservatively-derived path to $112 billion in revenue by 2030, assuming industry growth and continued market share gains, StreetInsider reported.
"COVID-19 has introduced a larger number of previously reluctant consumers to online shopping, a trend likely to stick," said Oppenheimer analyst Brian Nagel. "Management remains focused on driving innovation longer-term and is looking at a number of technologies, including those that could allow customers to feel fabrics and textures online."
The stock has nine buy ratings, seven holds and two sells, with an average price target of about $332.