Wayfair pares loss after Gordon Haskett moves off bearish stance

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Gordon Haskett updated Wayfair (NYSE:W) switched from Reduce-Rated to Hold-Rated after the online retailer’s management team charted a path to profitability.

“Wayfair has outlined a quarter-to-quarter path to improved EBITDA margins beginning in Q4 22 and extending through early 2023. All in all we think the fall of the bear versus the bull in the stock is more balanced today, especially as the W is trading at ~0.6P/S (vs its historical average of 1.1x),” updated analyst Chuck Grom.

Grom and his team adjusted estimates to Wayfair (W) after incorporating the guidance update and comment. For the full year, the company now forecasts revenue of $12.1 billion versus $12.8 billion previously and $12.7 billion consensus and Adjusted EBITDA of -$394 million versus -$523 million previously. EPS of -$7.41 vs -$8.57 pre and -$6.78 consensus. Gordon Haskett increased his price target to $65 from $40.

Wayfair (W) shares were down 2.60% on Thursday to $62.77 at last check.

Read a breakdown of Wayfair’s (W) earnings report and browse the transcript of the earnings call. Wayfair pares loss after Gordon Haskett moves off bearish stance

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