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Feb 22, 2019

Wayfair jumps to all-time high as 4Q gross margin, EBITDA beat

Wayfair

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Wayfair (W.N) jumped as much as 29 per cent to its highest price on a closing basis since its 2014 IPO, boosted by fourth-quarter earnings that showed a “top-line beat, strong gross margin and an EBITDA beat,” Stephens analyst Rick Nelson said in a note.

“We continue to view Wayfair as a disruptor in the US$600 bil. home furnishings market with a superior shopping experience, an asset-light business model, and proprietary delivery systems,” Nelson said in a note

-Rates shares overweight, price target US$135

Note: Co reported 4Q adj. Ebitda loss of US$53.8 million, better than the US$76.2 million loss consensus; also reported gross margin of 24.1 per cent, which was the highest reported in seven quarters

D.A. Davidson analyst Tom Forte says the stock is trading higher because of three things: The company doesn’t seem to be seeing negative macro-environment pressure from the U.S. government shutdown and Brexit, the company’s ability to leverage the trend of consumers willing to consume advertising on e-commerce platforms, and lastly, short covering.

-Rates shares underperform with a Street-low price target of $60, saying that “until they show an ability to maintain elevated sales growth while scaling back investment spend, it’s hard to recommend shares”

-Wayfair has 10 buys, 13 holds and 2 sells; average price target US$122: Bloomberg data

-Short interest in the stock has climbed since its October 12-month low, reaching 27 per cent of the shares available to trade, according to financial analytics firm S3 Partners